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Regal denies $1.2 bln bid approach from Shell - update

Oil major Royal Dutch Shell has proposed a $1.2 billion takeover of Ukraine-focused oil and gas explorer Regal Petroleum, the Daily Telegraph reported on Friday.

The newspaper said on its website that Shell had written to Regal Chairman Keith Henry in the last few days to propose a 300-pence-a-share bid. London-listed shares in Regal closed at 83 pence on Thursday. The newspaper cited an unnamed source as saying Shell had asked Henry to try to reach a deal by October 20. Shell, which already has assets in Ukraine, and Henry were not available for comment.

Regal Petroleum Plc denied a report it got a $1.2 billion offer from Royal Dutch Shell Plc. Regal jumped the most in more than two years in London trading. Regal rose as much as 32.5 pence, or 39%, to 115.5 pence, the most since Feb. 20, 2006, and traded at 102.75 pence as of 9:52 a.m. local time. (Reuters)