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Germany’s Wintershall bids 110 krone/share for Revus

  German gas company Wintershall has bid 110 Norwegian krone per share to buy Norwegian oil company Revus Energy, and Revus’ board has backed the deal valuing it at $740 million, the companies said on Monday.

 

Wintershall is a unit of German chemical group BASF. “Revus’ Board of Directors..., which has been advised by J.P. Morgan plc/JPMorgan Cazenove Limited and First Securities ASA, has unanimously decided to recommend the offer,” Revus Energy said in a statement.

The offer represents a premium of 145% to Revus’ Friday closing price of 44.90 krone. (Reuters)