Ophir shares jump amid takeover talks

Markets news
Markets news

Shares in Ophir Energy climbed rapidly after the London-based exploration and production firm confirmed talks with a potential new owner.

Africa-focused Ophir said Indonesian company Medco Energi could make an offer for its entire issued share captial.

Ophir said there could be “no certainty” that an offer would be made.

But its shares jumped 36.41% to 48.70p in London this morning.

Medco is listed on the Jakarta Stock Exchange with a market capitalisation of $900 million.

It has three key business segments, namely oil and gas, power and mining.