UPDATE 4-Emerald Energy gets bid approach, shares soar

* Says talks at preliminary stage

* Shares close up 12.8 percent at 632 pence

* Biggest shareholder says 750 pence per share a good price (Adds investor, updates share price)

By Victoria Bryan and Julie Crust

LONDON, July 13 (Reuters) - British oil and gas explorer Emerald Energy Plc EMEN.L said on Monday it received a takeover approach, continuing a wave of consolidation in the sector and lifting its shares to their highest in over a decade.

Syria and Colombia-focussed Emerald said talks regarding the possible cash offer are at an early stage and declined to comment on the price or the identity of the would-be purchaser.

The company's shares rose 10 percent on Friday on speculation of an offer at around 750 pence per share, which would value Emerald at about 470 million pounds ($757 million).

The stock closed up 12.8 percent at 632 pence, after earlier hitting 638.5 pence, the highest level since October 1998.

Waterford Finance & Investment, Emerald's largest shareholder, denied reports it was behind the takeover approach.