Italian energy giant ENI may face competition from an Indian joint venture in its bid to acquire Britain's Burren Energy, according to press reports.
The Indian DNA News daily reported on Thursday that Indian companies Adani and Welspun had joined forces to offer 13.20 pounds a share for 20% of the British oil and gas exploration company, after which they would make a bid for the rest of the stock for a an expenditure of some 2.75 billion euros.
ENI, which already has 24.9% of Burren, presented a bid last month for the rest of the company's shares at a price of 12.30 pounds per share, placing Burren's worth at 2.43 billion euros.
The ENI bid has already won the approval of Burren's board and other stockholders with 20.98% of the group's shares, unless an offer of 13.20 pounds or more per share were to surface.
According to Thomson Financial News, ENI on Friday will release the results of its offer for Burren, while the Italian financial daily Il Sole 24 Ore said ENI has gathered as much as 60% of the British group through its bid.
However, this included shares which had an opt-out if 13.20 pounds or more were to be offered.
The Indian joint venure has been named Adani Welspun Exploration. Adani is active in ports, power and natural gas distribution, while Welspun produces pipes for the gas and oil companies.
