Shell may bid for Regal Petroleum

Fri Oct 3, 2008 6:48am BST

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LONDON (Reuters) - Oil Major Royal Dutch Shell (RDSa.L) has proposed a $1.2 billion (677 million pound) takeover of Ukraine-focussed oil and gas explorer Regal Petroleum (RPT.L), the Daily Telegraph reported on Friday.

The newspaper said on its website that Shell had written to Regal Chairman Keith Henry in the last few days to propose a 300-pence-a-share bid.

London-listed shares in Regal closed at 83 pence on Thursday.

The newspaper cited an unnamed source as saying Shell had asked Henry to try to reach a deal by October 20.

Shell, which already has assets in Ukraine, and Henry were not available for comment.

(Reporting by Tom Bergin; Editing by Erica Billingham)

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