Salamander board to recommend £314m Ophir takeover
24th Nov 2014 08:01
Salamander Energy has officially reached an agreement on the terms of its takeover by Ophir Energy, which values the oil and gas explorer at £314m. Under the terms, which are unrevised from those set out last week, Salamander shareholders will receive 0.5719 new Ophir shares for every Salamander sha
Read moreOphir Energy submits offer for Salamander Energy
21st Nov 2014 17:08
British oil and gas explorer Ophir Energy has offered to purchase Salamander Energy for £267m to expand in southeast Asia. News emerged on 14 November that a consortium led by Spain's Compania Espanola de Petroleos (CEPSA) had been considering making an offer of 121p in cash and one contingent value
Read moreLondon midday: UK stocks surge on PBoC stimulus, ECB hopes
21st Nov 2014 12:00
UK stocks jumped on Friday as resources shares raced ahead after China's central bank surprised the market with its first interest-rate cut in two years in an effort to boost growth. After falling for the last two sessions, the FTSE 100 was up 0.8% at 6,733 by midday with the heavyweight mining and
Read moreLondon open: Oil and mining stocks push FTSE higher early on
21st Nov 2014 08:35
The UK stock market rebounded on Friday morning after two days of declines, as mining shares recovered after recent losses. Concerns about slumping iron-ore prices - currently trading at five-year lows - and slowing growth in China weighed heavily on the heavyweight resources sector in London on Thu
Read moreLondon pre-open: UK stocks to edge higher after record finish on Wall Street
21st Nov 2014 07:42
UK stocks are expected to open in positive territory on Friday following two days of losses, tracking gains on Wall Street as indices set new record highs. City sources predict the FTSE 100 will open 17 points higher than Thursday's close of 6,678.9. Both the Dow Jones Industrial Average and S&P 50
Read moreOphir reveals details of possible £300m Salamander takeover
21st Nov 2014 07:12
Oil and gas group Ophir Energy has confirmed details of its possible takeover offer for UK-listed peer Salamander Energy, valuing the company at around £300m. In a joint announcement, the parties announced the proposed terms of the share-exchange deal, which comes at a 44.5% premium to Salamander's
Read moreFTSE 250 Movers: Miners hit by Chinese data, Inmarsat boosted by new partnership
20th Nov 2014 14:26
Kaz Minerals' shares plummeted alongside other mining companies Ferrexpo, Lonmin, Vedanta, Evraz Hochschild Mining who took a hit following the release of unfavourable Chinese manufacturing data early on Thursday. The slowdown in the pace of manufacturing growth and wider economic concerns caused re
Read moreSpain's Cepsa threatens to revise or pull Salamander Energy bid
17th Nov 2014 08:31
A consortium led by Spanish oil giant Cepsa has hinted it could revise or pull a £375m takeover approach for Salamander Energy after the south east Asia-focused oil explorer unveiled details of the bid. Cepsa and Strategic Energy (Global) said they noted Salamander's announcement on Friday, in which
Read moreOphir set to withdraw bid for Salamander
16th Nov 2014 15:37
African oil explorer Ophir Energy will this week withdraw its offer for sector peer Salamander Energy following a knock-out bid from rival Cepsa, reports claimed over the weekend. Spanish group Cepsa, together with private equity firm Jynwel Capital, are, according to the Sunday Times, prepared to p
Read moreSector movers: Oil stocks slide as Brent crude extends four-year lows
13th Nov 2014 15:03
A sharp drop in the price of Brent crude to below $80 a barrel sent oil stocks lower on Thursday, with oil prices now at their lowest levels in over four years. Tullow Oil was among the worst performers as a string of brokerages cut their target prices for the stock. 'Big Oil' group Royal Dutch She
Read moreOphir appoints midstream partner on open seas LNG project
6th Nov 2014 14:48
Oil and gas exploration company Ophir hailed progress on its operated liquid natural resources project in Equatorial Guinea, having appointed a partner to provide floating liquefaction and storage facilities. LNG transportation developer Excelerate will be Ophir's "lead midstream partner" and lead a
Read moreThursday broker round-up UPDATE
6th Nov 2014 10:01
Amec: UBS cuts target price from 1185p to 1150p, while its buy recommendation remains unchanged. Afren: Liberum Capital cuts target price from 121p to 95p and stays with its hold recommendation. Antofagasta: Canaccord cuts target price from 790p to 760p and reiterates a hold recommendation. Associ
Read moreFTSE 250 movers: Oil stocks lead fallers while Man jumps
4th Nov 2014 14:43
Oil stocks were leading the FTSE 250 downwards on Tuesday as US crude prices dropped to their lowest in three years. The slump came as the world's largest exporter, Saudi Arabia, lowered prices for crude exports to US customers in an attempt to support its market share. Producers Ophir Energy, Afren
Read moreSector movers: Oil stocks tank as crude prices drop to three-year low
4th Nov 2014 13:26
Sinking crude prices were pressuring oil producers and oil services stocks lower on Tuesday, with West Texas Intermediate (WTI) dropping to a three-year low. Oil dropped sharply after the world's largest exporter, Saudi Arabia, lowered prices for crude exports to US customers in an attempt to suppor
Read moreBroker tips: Legal & General, Shire, Anglo American...
4th Nov 2014 12:05
Broker Berenberg is advising investors to take cover in Legal & General after the insurer and pension provider doubled its annuity sales target for 2014 despite turbulence caused by a UK government pension shake-up. Berenberg has a 'buy' recommendation on L&G with a 265p price target. Analysts at Sw
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