Italian oil giant Eni to acquire UK's Burren Energy for $3.6 billion

03 December 2007

Mumbai: Eni SpA, Italy''s biggest oil company, will acquire Burren Energy Plc of the UK for 1.74 billion pounds ($3.6 billion) to bolster its operations in Congo and Turkmenistan.

Rome-based Eni will pay 1,230 pence for each Burren share, the company said in a regulatory statement.

The offer represents a 51 per cent premium to Burren''s average closing share price in the three months through October 8, Eni said in the statement.

The all-cash offer was accepted by all of Burren''s directors and some management, Eni added.

``We''re on the right track and there are all the conditions to make us optimistic we can bring the transaction to a positive conclusion,'''' chief executive Paolo Scaroni said.

Buying Burren will expand Eni''s stake in the M''Boundi field in the Republic of Congo and give it access to deposits in Turkmenistan.