Imperial Energy, facing a takeover by ONGC, said on Aug 29 that it had reduced its losses during the first half of 2008. The Russia-focused British company said in an earnings release that its net loss stood at $18.9 million in the six months to June 30, compared with a loss after tax of $20.7 million during the first half of 2007. Indian state-run oil giant ONGC had Tuesday announced a $2.6-billion deal to buy Imperial Energy as it seeks new fuel sources to power the country''s fast-growing economy.
The bid by India''s biggest oil producer, Oil and Natural Gas Corp (ONGC) for Imperial Energy offered shareholders a 62 per cent premium on the stock price on July 11, the day before the company said it had received a takeover approach.
The bid by India''s biggest oil producer, Oil and Natural Gas Corp (ONGC) for Imperial Energy offered shareholders a 62 per cent premium on the stock price on July 11, the day before the company said it had received a takeover approach.
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