In a surprise sale, 31% Kupe oil and gasfield shareholder Genesis Energy has purchased the 15% stake of New Zealand Oil & Gas for $168 million. Genesis' increasing stake in Kupe, from 31% to 46%, gives it more boardroom control, including a veto, over Kupe's future development. While Mr Jefferies said the Genesis offer ''represents a premium'', Mr Foster said Forsyth Barr had valued the 15% stake in Kupe at $206 million. ''The acquisition price appears to be a good one for Genesis ... the $168 million price represents a 21% discount,'' Mr Foster said. ''Our acquisition activities will be re-energised with an enhanced financial capability that allows us to better diversify,'' Mr Jefferies said.

Source: Otago Daily Times November 16, 2016 17:03 UTC