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Finance

Posted By Global Banking and Finance Review

Posted on March 7, 2025

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(Reuters) -UK's Serica Energy said on Friday that it is intalks regarding a possible combination with EnQuest as the London-listed companies target increased scale and diversification.

Shares in Serica and EnQuest were trading 9.4% and 5.5% higher, respectively, by 0914 GMT.

Serica said the potential deal will be structured as an all-share offer by EnQuest, and will involve a return of capital to existing Serica shareholders.

Serica shareholders would hold a majority of the shares in the combined company with shares listed on the ESCC market of the London Stock Exchange, Serica said in a statement.

EnQuest has time until 5 p.m. UKT on April 4 to make a firm offer for Serica or walk away.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Mrigank Dhaniwala)

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