Business Irish

Saturday 25 November 2017

Worldview considering takeover bid for Petroceltic

Gavin McLoughlin

Gavin McLoughlin

Petroceltic’s biggest shareholder is mulling an all-cash takeover bid for the embattled Irish oil and gas explorer.

Worldview Capital Management, which has been embroiled in a bitter dispute with Petroceltic bosses in recent months, said it “ is in the process of evaluating and preparing for a possible, all cash, offer for the entire issued and to be issued share capital of Petroceltic”.

Worldview owns about 29.6pc of the Irish company. It said there is no certainty an offer will be made. Petroceltic shares were up more than 47pc in London at 11am GMT.

Before Christmas Petroceltic said it had breached banking covenants and was putting itself up for sale.

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