SHARES in the recently depressed oil and gas exploration company LASMO
jumped 5[1/2]p to 136[1/2]p yesterday. Rumours of a bid by British Gas
swept round the market.
There was hectic dealing in LASMO shares, making it one of the most
active stocks. Around 13.7 million changed hands.
Such speculation was easily understandable in the wake of this week's
Monopolies and Mergers Commission report on the gas industry. It
recommended that British Gas should sell its trading arm and concentrate
on running the pipeline work.
British Gas, which ahead of privatisation was obliged to sell its
Enterprise oil business, has indicated that it could be interested in
expanding its energy exploration interests.
LASMO, which bought Ultramar at the end of 1991, is looking to dispose
of assets. British Gas mounted an unsuccessful dawn raid on the
company's stock back in 1988.
Last night analysts were sceptical, conceding that the volume and
sharp rise in LASMO was unusual but doubtful about a full bid at this
stage.
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