Wessex rejects Total approach

Wessex Exploration has rejected any potential offer that Total was planning to make for the firm, deeming the suggested offer price “inadequate”. Total revealed earlier this month it was considering making a 10p-per-share offer for the Aim-listed oil and gas explorer, valuing it at around £72m. But Wessex said yesterday that after consulting with shareholders the potential bid was “inadequate to secure their support for any offer which Total might consider at this level.”