UK - Candover and First Reserve close in on Abbot

Candover and First Reserve are still fighting it out for oil services business Abbot Group. US-based energy specialist investor First Reserve is believed to be in the lead with a 390p per share offer, compared to Candover's 370p per share offer. A 390p per share offer would value the business at approximately £900m. The London listed-business was initially approached by 3i in early October with 3i indicating it was prepared to pay up to 375p per share for it. However, following disagreements with management regarding post-transaction divestments, 3i pulled out of the race.