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Imperial Energy receives takeover approach amid ONGC report

British oil and gas explorer Imperial Energy on Monday said it had received a takeover approach but gave no further details amid speculation that India’s state-run oil major ONGC could be involved.

“In response to press speculation, the board of Imperial confirms that it has received an approach which may or may not lead to an offer being made for the company,” said a brief statement from Imperial, which hunts for oil and gas in Russia and in Kazakhstan.

Earlier on Monday, a newspaper reported without citing sources that India’s largest state-run oil producer, Oil and Natural Gas Corp (ONGC), was seeking an alliance with the London-listed group. In morning trade, Imperial Energy shares rallied 22.02% to 942 pence, giving the company a stock market capitalization of £963.12 million (€1.2 billion, $1.9 billion dollars). The FTSE 100 leading shares index was ahead by 1.64%. (Economic Times)