Stock Market News
Soco International ends merger talks with Kuwait Energy
Soco International said on Monday that merger talks with Kuwait Energy have ended.
The oil and gas exploration and production company, which announced back in January that it was evaluating a potential merger of equals, said it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.
"Soco's board remains committed to its strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business. The Soco team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and only pursues transactions if they are determined by Soco's board to be in the best interest of shareholders. Soco's board continues to evaluate opportunities in accordance with these criteria."
RBC Capital Markets said: "We think there may be a relief rally today following this announcement, as the deal was seen to be a challenging combination of geographies and the market had shown little appetite for Kuwait Energy's portfolio when it had sought a London listing previously.
"Soco has, however, to galvanise investor interest in its acquisition-led strategy as the stock tests historic lows."
At 0920 GMT, the shares were up 3.3% to 95p.
The oil and gas exploration and production company, which announced back in January that it was evaluating a potential merger of equals, said it could not reach agreement with Kuwait Energy on the basis for an acceptable transaction.
"Soco's board remains committed to its strategy of shareholder value creation through sustainable cash returns to shareholders and growth of the business. The Soco team, which has a track record of delivering shareholder value through asset acquisition and monetisation, delivering large scale developments, and returning capital to shareholders, evaluates M&A opportunities with reference to strict strategic, financial and operational criteria and only pursues transactions if they are determined by Soco's board to be in the best interest of shareholders. Soco's board continues to evaluate opportunities in accordance with these criteria."
RBC Capital Markets said: "We think there may be a relief rally today following this announcement, as the deal was seen to be a challenging combination of geographies and the market had shown little appetite for Kuwait Energy's portfolio when it had sought a London listing previously.
"Soco has, however, to galvanise investor interest in its acquisition-led strategy as the stock tests historic lows."
At 0920 GMT, the shares were up 3.3% to 95p.
Related share prices |
---|
Soco International (SIA) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price