Cairn in agreed bid for Nautical

Scottish oil and gas giant Cairn Energy is to make an agreed takeover of North Sea oil producer Nautical Petroleum.

Scottish oil and gas giant Cairn Energy is to make an agreed takeover of North Sea oil producer Nautical Petroleum.

Cairn is offering 450p per share in a deal which values Nautical at around £414m. The terms represent a 51.1% premium to the closing price of Nautical on the trading day prior to the announcement of the bid.

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