BASF unit bids for oil and gas company in Norway
Germany's BASF chemicals and oil group announced Monday a takeover bid for Norwegian oil and gas group Revus Energy ASA that values it at 581 million euros (726 million dollars), dpa reported.
The BASF oil division, Wintershall, offered 110 Norwegian kroner per share, a premium of 145 per cent above the closing price in Oslo last Friday and 44 per cent above the average of the past six months.
An announcement at Wintershall's office in Kassel said the board of Stavanger-based Revus had recommended shareholders accept the bid for all Revus shares.
Revus has 60 concessions in the Norwegian and British continental shelf underneath the North Sea.
Wintershall is already heavily committed to Russian gas as a business partner of the Russian gas monopoly Gazprom.
It said a Norwegian interest would give it "geographical balance."
The offer is conditional on 90 per cent of Revus shareholders accepting and regulatory approvals.