Centrica Wins Venture Bid

24 August 2009 (Last Updated August 24th, 2009 18:30)

Utility giant Centrica has won its hostile bid for oil and gas company Venture Production, gaining control of almost 60% of Venture's shares. The move comes despite a strong battle by Venture CEO Mike Wagstaff to keep Venture independent. Centrica, which is advised by Goldman

Utility giant Centrica has won its hostile bid for oil and gas company Venture Production, gaining control of almost 60% of Venture's shares.

The move comes despite a strong battle by Venture CEO Mike Wagstaff to keep Venture independent.

Centrica, which is advised by Goldman Sachs and JPMorgan Cazenove, said it had control of 58.7% of Venture Production’s shares.

It is expected to announce unconditionally that it will buy the rest of the shares in the business for 845p a share.

The Venture acquisition will allow Centrica to boost its own reserves of gas and reduce its reliance on wholesale markets.