Rumours continue to fly regarding the fate of Heritage Oil (LSE: HOIL), the oil explorer with operations in Iraqi Kurdistan (pictured), which is said to be the target of takeover bid.
The British Daily Mail newspaper reported last week that Malaysia’s state-owned oil and gas company, Petronas, was interested in the company, but Petronas denied the report on Friday.
There were also mutterings that China’s CNOOC or Sinopec was considering making an approach worth around 600p-a-share, almost 50% premium to the market price.
Some reports suggested that they might have to compete with a bid from Korea’s KNOC.
Just a couple of weeks ago Heritage’s Chief Financial Officer, Paul Atherton, told reporters that the company is itself considering a major acquisition. “Any transaction has to be significant, has to be material. We’re not looking at very small, marginal transactions“, he said.