IN BRIEF (Page 16)
China Daily | Updated: 2009-07-14 08:03
Centrica deal hits snag
Britain's largest gas retailer, Centrica, faced a setback in its battle to take over Venture Production yesterday, when the North Sea gas producer's two largest investors backed management's rejection of the $2 billion bid.
US investment firm ArcLight Capital Partners and one of Venture's founders, Larry Kinch, which between them control 12.8 percent of Venture's shares both agreed that Centrica's 845 pence a share offer undervalued Venture.
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