LONDON (Reuters) - Kuwait’s national oil company is in advanced takeover talks with North Sea-focused oil and gas explorer Ithaca Energy IAE.TO IAE.L, the Sunday Times reported.
Kuwait Foreign Petroleum Exploration, the international arm of the Middle Eastern state’s oil operation, has been in negotiations with Ithaca Energy for several months, the newspaper reported.
Earlier this month, Ithaca said it had received unsolicited interest from several parties, which analysts estimated could result in a deal valued at about C$868 million ($869.52 million).
Neither company could be immediately reached for comment. ($1 = 0.9983 Canadian dollars)
Reporting by Neil Maidment, Editing by Gary Crosse