June 25, 2014 / 6:41 PM / in 3 years

UPDATE 1-Soros threatens action if Penn Virginia fails to sell itself

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June 25 (Reuters) - Penn Virginia Corp’s biggest shareholder George Soros reiterated that the oil and gas producer should sell itself and said he would take action if the company failed to do so.

The company’s shares rose as much as 8.4 percent to $16.02 on the New York Stock Exchange in afternoon trading.

Soros, who took a 9.18 percent stake in the company in March, had said the company should explore strategic options and that he would continue to have talks with the board, shareholders and potential suitors.

Penn Virginia Corp has assets in the Eagle Ford shale in south Texas.

As of June 25, Soros, his son Robert Soros, and his fund Soros Fund Management LLC together own 9.53 percent of the company, a regulatory filing showed. (1.usa.gov/Tx5FOZ) (Reporting By Sneha Banerjee in Bangalore; Editing by Don Sebastian)

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