Salamander Gains Most in 8 Months in London After ApproachesNidaa Bakhsh
Salamander Energy Plc rose the most in eight months in London after the U.K. oil explorer with a focus on Asia said it has received approaches to buy the company out.
Salamander climbed 10 percent to 147.5 pence by the close, the biggest gain since Aug. 29. That values the London-based company at 381 million pounds ($644 million). The volume of trade was 11 times the three-month daily average.
Salamander began a “formal sales process” after a “small number of preliminary and conditional approaches related to a potential offer for the entire share capital of the company,” it said today in a statement. It also got interest in part of or all of its holdings in assets in Thailand and Indonesia.
The company expects to complete a review of the situation in coming weeks as talks continue and has hired Goldman Sachs Group Inc. as a financial adviser, according to the statement.
Salamander had been considering selling some assets, including minority interests in the Bualuang oil field in Thailand and the Kerendan gas field in Indonesia, it said.