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Broker snap: Bid offers Imperial limited upside, JPM says
Mon, 01 Dec, 2008
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Broker snap: Bid offers Imperial limited upside, JPM says
Wed, 27 Aug 2008, 10:03:00
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Related Market Prices
Name
Value
Percent
Change
Imperial Energy Corporation
989.50p
-0.55%
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JP Morgan has maintained its 'neutral' stance on the Russia-focused oil producer Imperial Energy, saying that there is limited upside despite a recent offer for the company.<br /><br />The offer, which was made by Jarpeno, a subsidiary of India's Oil and Natural Gas Corporation (ONGC), at 1,250p a share, is only slightly above the 1,240p a share Imperial trades at now, the broker noted.<br /><br />However, JPM added that there is also limited downside to Imperial's share price.<br /><br />It also noted the possibility of bidding competition from China and of ONGC lifting its bid to 1,500p.<br />
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