Nuclear power provider British Energy was in the spotlight on the London market today as speculation swirled over the group's takeover saga. The group's shares were under pressure in early trade, down more than 2% amid a flurry of reports over which the suitors were left in the acquisition race. The wider FTSE 100 Index was also on the back foot despite a strong overnight finish on Wall Street, down 43.8 points at 6227 in the first hour of trading. British Energy was one of the top share fallers, off 17p at 698p following yesterday's declines after reports of bids being prepared at the lower end of analyst expectations. Meanwhile, Germany's RWE - Europe's fourth-largest utility - has reportedly decided not to bid for the group, while market talk suggested that EDF of France was poised to table a £9bn bid.
Here's what was released as part of the announcement on Fri...
As part of its agreement with the City of Moscow and as previously announced,
Sibir undertook, on a best endeavours basis, to seek admission of its shares to
the Official List of the London Stock Exchange by 30 June 2008. Whilst
significant efforts have been made, and are continuing to be made, to achieve
this move, the Board has found it necessary to adopted a revised timetable to
enable the Company to complete a corporate restructuring to facilitate dividend
streams, deal with the complicated integration of the Moscow Oil and Gas Company
(MOGC) acquisition, complete the harmonisation of affairs at the Moscow Refinery
with Gazpromneft and pursue other opportunities that have arisen, although these
opportunities may or may not come to fruition. The deferred timetable envisages
application to the Official List either at the end of the second half of 2008 or
in the first half of 2009.
Comments
Nuclear power provider British Energy was in the spotlight on the London market today as speculation swirled over the group's takeover saga.
The group's shares were under pressure in early trade, down more than 2% amid a flurry of reports over which the suitors were left in the acquisition race.
The wider FTSE 100 Index was also on the back foot despite a strong overnight finish on Wall Street, down 43.8 points at 6227 in the first hour of trading.
British Energy was one of the top share fallers, off 17p at 698p following yesterday's declines after reports of bids being prepared at the lower end of analyst expectations.
Meanwhile, Germany's RWE - Europe's fourth-largest utility - has reportedly decided not to bid for the group, while market talk suggested that EDF of France was poised to table a £9bn bid.
They're going to get a General Manager and a Head Coach
As part of its agreement with the City of Moscow and as previously announced,
Sibir undertook, on a best endeavours basis, to seek admission of its shares to
the Official List of the London Stock Exchange by 30 June 2008. Whilst
significant efforts have been made, and are continuing to be made, to achieve
this move, the Board has found it necessary to adopted a revised timetable to
enable the Company to complete a corporate restructuring to facilitate dividend
streams, deal with the complicated integration of the Moscow Oil and Gas Company
(MOGC) acquisition, complete the harmonisation of affairs at the Moscow Refinery
with Gazpromneft and pursue other opportunities that have arisen, although these
opportunities may or may not come to fruition. The deferred timetable envisages
application to the Official List either at the end of the second half of 2008 or
in the first half of 2009.