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Eni makes open offer for 20 pct in Hindustan Oil

Wed Apr 23, 2008 11:36pm EDT

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MUMBAI, April 24 (Reuters) - Italian energy group Eni (ENI.MI) has made an open offer to buy up to 20 percent in India's Hindustan Oil Exploration Co Ltd (HOEX.BO) for 3.77 billion rupees ($94 million), a newspaper advertisement showed.

The offer, made by Eni UK Holdings Plc, a wholly owned subsidiary, is required by Indian law following Eni's acquisition of Britain's Burren Energy, which gave it an indirect stake of 27.2 percent in the Indian company, it said on Thursday.

The offer is for 26.12 million shares at 144.2 rupees per share.

Shares in Hindustan Oil closed at 151.95 rupees on Wednesday.

The offer opens on June 11 and closes on June 30, and is subject to regulatory approvals in India, it said.

It is not subject to a minimum level of acceptance.

Eni has "adequate resources" to fund the offer, it said.

N.M. Rothschild (India) is the manager to the offer. ($1=40 rupees) (Reporting by Rina Chandran; Editing by John Mair)



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