UK - 3i sells stake in Venture Production

Centrica now holds a stake of 29% in Venture Production and has launched a full takeover for the remainder of the share capital at the same purchase price. This equates to a valuation of £900m for the 71% interest.

3i's decision to sell was said to be surprising to Venture, as 3i has hinted all along that it had no plans to sell its stake at the 845p per share level.

Two of Venture's biggest shareholders have rejected the offer, saying it undervalued the business. Venture founder Larry Kinch, who holds a 7.4% stake and Arclight Capital Partners, a Boston-based private equity fund that has a 5.4% holding, have said they want £10 per share.

It has been reported that Centrica's offer is final unless another company makes a counter bid.

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