- InterOil (IOC) +6.9% AH, apparently on speculation from a Daily Mail story that the company is a strong takeover target.
- Teck Resources (TCK) is said to be lining up a $4B-plus cash offer, with advisor BAML after reaching agreement with IOC’s 19.8% shareholder Chandler Corp. and holding several meetings with IOC management about transacting a friendly deal.
- Shell (RDS.A, RDS.B) also is mentioned as a potential bidder; it would have plenty of cash after the sale of its Italian retail business to Kuwait Petroleum and if it disposes of its 23% (£3.95B) stake in Australia's Woodside Petroleum.
InterOil surges 7% AH on takeover speculation
Feb 20 2014, 18:39 ET