Eni drops Burren Energy takeover

Eni SPA has terminated takeover discussions with Burren Energy PLC after the two companies failed to agree on the key terms of a recommended offer.

Uchenna Izundu
International Editor

LONDON, Nov. 26 -- Eni SPA has terminated takeover discussions with Burren Energy PLC after the two companies failed to agree on the key terms of a recommended offer.

Eni had offered £1.5 billion for the company, but Burren's board rejected it last month as not reflecting the value of its assets.

Burren said it was prepared to continue negotiations if Eni increased its bid, but this did not happen. Burren will continue to develop its business "and is currently pursuing a number of initiatives which it expects to enhance shareholder value in due course," it said.

The company has assets in the Caspian, West Africa, the Middle East, and India.

Contact Uchenna Izundu at uchennai@pennwell.com.

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