Ithaca remains in takeover talks with ‘mystery suitors’

OIL and gas producer Ithaca Energy said yesterday it remains in potential takeover talks, despite claims that Kuwait’s national oil company had pulled out of the race to buy the driller.

North Sea-focused Ithaca. listed on the Canadian and London stock exchanges, remained tight-lipped over the identities of its suitors but has set an undisclosed deadline for bids and will update the market within four weeks.

A host of North Sea operators have been touted as possible buyers for the Aim-quoted company, including Dana Petroleum, the Aberdeen-based producer that was taken over last year by the Korea National Oil Corporation.

Other potential suitors are EnQuest, which de-merged from energy services firm Petrofac, and Taqa, the Abu Dhabi national oil company.

Analysts at RBC Capital Markets said Ithaca could be worth up to C$985 million (£612m), based on a take-out price of about C$3.81-a-share.

In a statement Ithaca’s board said: “Although discussions with parties continue, there can be no certainty of an offer being made for the company.”