Offer for oil explorer

Tuesday 17 February 1998 00:02 GMT

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Offer for oil explorer

AIM-listed Sibir Energy yesterday launched a recommended share exchange offer for its fellow Russian oil exploration company Pentex Energy in a deal which values Pentex at about pounds 75.6m. The offer is on the basis of 67 Sibir shares for every 100 Pentex and represents a 27.82 per cent premium over Sibir's mid-market price on January 15, the day before merger talks were announced.

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