Defending its hostile takeover attempt for Denver-based BarrettResources Corp., Royal Dutch/Shell Group’s CEO Walter van de Vijversent a letter to Barrett’s board of directors Wednesday calling the$55 a share offer a “full and fair value” for the gas-richindependent. Barrett has rejected Shell’s offer and is nowconsidering strategic alternatives (see Daily GPI, March 12).
Articles from takeover
Analysts covering the attempted takeover of Barrett Resources byRoyal Dutch Shell Group said last week they expect to seeadditional consolidation of U.S. independents with a heavy gasportfolio, especially now that the majors and larger independentsare flush with cash from through-the-roof commodity pricing in thepast year.
Calgary-based Berkley Petroleum Corp. unanimously rejected the takeover bid last week by a Hunt Oil Co. subsidiary, which offered to purchase all of the common shares of the company for $10 per share. Analysts were meanwhile speculating that without a white knight, Berkley might be worth more if it’s broken up and sold.
Calgary-based Berkley Petroleum Corp. continues to fend off a C$1.4billion hostile takeover bid by Hunt Oil, announcing Monday that itwill open its data rooms next week to third parties in an attempt tolure a better buyer. Hunt, an independent based in Dallas, saw itsbid rejected last week by Berkley management (see Daily GPI, Jan. 2; Dec. 29,2000).
To prepare for El Paso Energy’s looming takeover of Coastal Corp., Westcoast Energy Inc. and Coastal last week split up Engage Energy, their three-year-old marketing venture, with each retaining a half interest in the Houston-based gas marketer.
To prepare for El Paso Energy’s looming takeover of CoastalCorp., Westcoast Energy Inc. and Coastal are splitting up EngageEnergy, their three-year-old marketing venture, with each retaininga half interest in the Houston-based gas marketer. The split shouldbe completed by the end of the week.
After being an attractive takeover or merger target, the phonelines to Las Vegas-based Southwest Gas Corp. from prospectivesuitors are idle, several major lawsuits having been filed overlast year’s failed merger attempts-first with a desired partner andsecond with an unwanted partner.
Saying a takeover of Northeast Utilities (NU) by ConEdison wouldhurt the state’s consumers and economy, Connecticut AttorneyGeneral Richard Blumenthal recently filed statements at theConnecticut Department of Public Utility Control (DPUC) opposingthe merger. The DPUC is expected to issue its final decision on themerger in May.