Cepsa makes bid for Coastal of up to 2 bln euros -paper

Fri Sep 20, 2013 2:44am EDT
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MADRID, Sept 20 (Reuters) - Spanish oil company Cepsa has made an indicative bid for Coastal Energy of between 1.7 billion and 2 billion euros ($2.3 billion-$2.7 billion), financial newspaper Expansion reported on Friday citing unnamed market sources.

Cepsa declined to comment on the report.

Cepsa and Strategic Resources (Global), wholly owned by private equity investment and advisory firm Jynwel Capital Limited, would make a joint offer, Canadian newspaper Financial Post reported on Monday citing documents.

"The company advises that there is no transaction to announce and if the company enters into any material transaction it will announce it immediately," Coastal said in a statement on its website on Tuesday in response to media reports.