Petroceltic makes bid for Melrose Resources

Oil and gas group Petroceltic International has launch a recommended bid for its sector peer Melrose Resources, which has assets in Egypt and Bulgaria.

Oil and gas group Petroceltic International has launch a recommended bid for its sector peer Melrose Resources, which has assets in Egypt and Bulgaria.

Under the deal, which would double AIM-listed Petroceltic's operations, Melrose shareholders will receive 17.6 new Petrolceltic shares for every Melrose share.

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