Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Enterprise starts final push

Russell Hotten
Monday 27 June 1994 18:02 EDT
Comments

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

ENTERPRISE OIL'S executive team began their final push to persuade shareholders to accept their bid for Lasmo last night, writes Russell Hotten.

They were meeting Tony Dye and Colin McQueen, of Phillips & Drew Fund Management, which owns almost 16 per cent of Lasmo and 5 per cent of Enterprise.

Most analysts believe that whichever side persuades PDFM of the merits of its case will win the day, but the firm has so far given no indication of how it might vote. Lasmo is due to meet PDFM representatives tomorrow. Enterprise is this week expected to begin buying its permitted 10 per cent of Lasmo shares, though in several large deals yesterday Enterprise was not thought to be involved. Such a move would cost it up to pounds 150m.

Shares in Enterprise rose 1p to 400p and Lasmo's price fell 7p to 141p, suggesting that the market still thinks the bid may fail. Analysts from three independent brokers have recommended rejection. The bid closes on Friday.

View from City Road, page 29

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in