Shell bid rumours boost Footsie LONDON ASIA EDITION

With further oil and gas deals expected following ChevronTexaco's Dollars 18bn purchase of Unocal this week, Shell was linked as a possible bidder for Woodside, the Australian oil and gas company with a market capitalisation of Pounds 7bn. Analysts said a deal was possible. Shell owns 34 per ce...

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Bibliographic Details
Published inThe Financial times (London ed.)
Main Author TOM BRAITHWAITE, CHRIS FLOOD and ROBERT ORR
Format Newspaper Article
LanguageEnglish
Published London (UK) The Financial Times Limited 08.04.2005
Subjects
Bids
Tender offers
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Summary:With further oil and gas deals expected following ChevronTexaco's Dollars 18bn purchase of Unocal this week, Shell was linked as a possible bidder for Woodside, the Australian oil and gas company with a market capitalisation of Pounds 7bn. Analysts said a deal was possible. Shell owns 34 per cent of Woodside and had a takeover attempt rebuffed in 2000. Shell was a leading blue-chip riser, up 2.5 per cent to 496p. It was boosted by higher crude prices and news that the first oil had been shipped from its Salym field in Siberia. Sibir Energy, Shell's Aim-listed partner in the Salym project, rose 5.9 per cent to 207 1/ 2p. Talk of bids in the sector to come also boosted the long- speculated target BG Group, up 2.6 per cent at 430 1/4p. The FTSE 100 rose 0.6 per cent to 4,977 while the mid-cap FTSE 250 added 0.3 per cent to 7,239.5. Sentiment was boosted by the Bank of England's decision to keep UK interest rates on hold. Trading volumes of 3.3bn were average.
ISSN:0307-1766