Premier Oil jumps 24% after announcing a reverse takeover with Chrysaor, forming the largest independent North Sea oil-and-gas producer
REUTERS/Andy Buchanan
- Shares in Premier Oil rose 24% after it announced a reverse merger with Chrysaor to form the largest independent oil and gas company in the UK’s North Sea.
- Premiere, whose shares have tumbled 80% this year, will hold up to 23% of the combined company of which its shareholders will own about 6%. Chrysaor would own at least 77%.
- American-born executive Linda Cook will be the CEO of the combined group, taking the number of women that hold the highest leadership positions at UK-listed oil and gas companies to two.
- While Premier shares jumped 24% at the open, the company traded up 10% in mid-morning UK trading.
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UK’s Premier Oil jumped as much as 24% on Tuesday after announcing a reverse merger with Chrysaor Holdings, together forming the largest London-listed independent oil-and-gas company.
The deal would end a rough patch for
