ENI receives acceptances for 83% of Lasmo

Agip Investments, a wholly owned subsidiary of Italian company ENI SPA, said it had received acceptances for 83% of the shares of UK company Lasmo PLC by the offer closing date of Jan. 12. Agip also said the offer has been extended to Jan. 26.


Agip Investments, a wholly owned subsidiary of Italian company ENI SPA, said it had received acceptances for 83% of the shares of UK company Lasmo PLC by the offer closing date of Jan. 12. Agip also said the offer has been extended to Jan. 26.

In mid-December, ENI made a �3.8 billion cash offer, eclipsing Amerada Hess Corp.'s offer by about �300 million.

ENI offered 200 pence in cash for each Lasmo share�equal to a total of �2.69 billion, a 12% premium on Hess's early November cash and share offer. The Italian company will also pick up �1.12 billion of Lasmo's debt.

Amerada Hess last month said it did not intend to revise the terms of its cash and stock bid (OGJ Online, Dec. 21, 2000).

In March, ENI bought another UK independent, British-Borneo PLC, for �788 million.

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