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Singapore oil firm sets its sights



Sunday Times (London) 
December 31, 2000, Sunday 

Singapore oil firm sets its sights on Premier 

Edited David Parsley 


THERE are rumblings that Premier Oil is set to 
become a takeover target early in the new year. 

The group, valued at Pounds 236m, has caught the 
interest of Keppel, Singapore's state-run oil group,
which has quietly been building a 3% stake in the group 
over the past two months. While Keppel is not
expected to be thinking of making a full bid itself, it is 
thought to be talking to Amerada Hess, which
owns 25% of Premier, about acquiring some of its holding. 

Amerada has been mulling over what to do with its stake 
in Premier since its failed takeover bid for
Lasmo, and is thought to be keen to reduce its holding. 

This, claim those close to Charles Jamieson, the chief 
executive, may open the door to bidders. Until
now those who have looked at Premier have been put off by 
the fact that 50% of the group is in the
hands of just two players - Petronas, the Malaysian group, 
also owns 25%. 

If Keppel begins to dilute Amerada's stake in the coming 
months it is expected that Premier, which closed at 15Ap, 
will shoot up the list of takeover targets in the sector. Good 
news for investors, if not for Jamieson and his board.