A SWISS oil trader is planning a £120 million takeover bid for Sterling Resources, which could allow it to move into the UK North Sea.
A SWISS oil trader is planning a £120 million takeover bid for Sterling Resources, which could allow it to move into the UK North Sea.
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MARK WILLIAMSON
Geneva-based Vitol said it intends to make an offer to acquire the outstanding common shares of Canada-listed Sterling Resources it does not already own, for 54p per share cash.
The proposed deal would give Vitol control of a UK portfolio amassed over 10 years by Sterling, which has an office in Aberdeen. This includes a stake in the Cladhan discovery east of Shetland.
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