US exploration firm Coastal Energy has hinted it is open to a takeover approach after being linked with a multi-billion dollar bid.
Reports today indicate the Houston-based firm, which has assets in Thailand and Malaysia, is being targeted by a Hong Kong investment firm and Abu Dhabi-owned Spanish group Companie Espanola de Petrleos.
Talk of the $2.2billion deal comes less than a year after Indonesian state-owned oil group Pertamina was linked with a takeover.
“The company advises that it continuously evaluates opportunities to maximize shareholder value,” Coastal said in a statement to the stock market this morning.
The move triggered a 4% rise in share price for the company on the London Stock Exchange.
Last month the company saw earning drop 36% despite production increasing 10% year on year.