UPDATE 2-Qatari fund buys UK's Heritage Oil for $1.6 bln

Wed Apr 30, 2014 4:20am EDT
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* Al Mirqab is investment fund of former QIA CEO

* Offers 320 pence per share, 25 premium

* Heritage founder to remain invested

* Shares soar 22 pct (Adds analyst comment, share price, background)

By Sarah Young

LONDON, April 30 (Reuters) - British oil company Heritage Oil agreed a 924 million pound ($1.6 billion) takeover offer from a fund owned by the former chief executive of Qatar's sovereign wealth fund.

Heritage, whose main oil production is in Nigeria, said on Wednesday it was recommending a 320 pence per share cash offer, which represented a 25 percent premium to its closing price the day before the approach was announced.

Its suitor, Al Mirqab Capital, is the private investment vehicle of Qatar's Sheikh Hamad Bin Jassim Bin Jabor Al Thani and his family.

Sheikh Hamad, who was chief executive of the Qatar Investment Authority until last year, is regarded as the driving force behind the emergence of the Gulf Arab state's sovereign wealth fund as one of the world's most sought-after investors, scooping up stakes in bluechip companies, luxury brands and prime real estate.   Continued...