Cairn Energy shares jump on speculation of a takeover offer

Cairn Energy shares jump on speculation of a takeover offer
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First Published: Thu, May 17 2007. 03 32 PM IST
Updated: Thu, May 17 2007. 03 32 PM IST
Bill Murray and Sarah Thompson, Bloomberg
London: Shares of Cairn Energy Plc, an oil explorer in India, jumped the most in more than five months on speculation the company may be bought.
“A bid could be imminent,” said Jamie Coleman, a senior portfolio manager with EFG Asset Management Ltd in London.
The shares rose as much as 71 pence, or 4.2%, to 1,744 pence. It was their biggest gain since 1 December. The stock was at 1,741 pence as of 10:43 am in London.
Cairn spokespeople couldn’t immediately be reached for comment.
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First Published: Thu, May 17 2007. 03 32 PM IST
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