Heritage Oil shares soar on Qatari bid

Harriet Green
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This morning, Heritage Oil announced it’s to be bought by Qatar’s Al Mirqab for £924m.

Shares have rocketed over 22 per cent on the news.

Heritage’s board has recommended a share offer of 320p per share - a 25p premium on yesterday’s closing price - to the investment fund, which is owned by Qatar’s royal family.

As part of the deal, chief executive tony Buckingham is retaining a 20 per cent stake in the business. He’ll also serve as an adviser for at least five years.

In its full-year results, released today, Heritage announced a 104 per cent increase in post-tax profit to $100.4m (£59.7m) and revenues of $431.9m.