Little love lost as Serica and Kistos walk away
Neither firm will pursue their offer for the other, but they may look elsewhere
North Sea producers Serica Energy and Kistos have both declined to make firm their proposed takeover bids of each other, with few signs that the negotiations have been particularly amicable. The firms will instead look at other potential M&A opportunities within their wider growth ambitions. “It has not been possible to reach agreement with Kistos on the terms or structure of a revised possible offer,” says Serica of its decision not to proceed with its July 483p/share cash and stock offer for Kistos that the latter rejected a week later. Kistos is also withdrawing its 425p/share bid for Serica, which it upped from an initial 382p/share, without either offer appealing to Serica’s managem

Also in this section
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning