FRANKFURT, Dec 11 (Reuters) – Oil industry veteran Maurice Dijols launched a takeover offer for CAT oil on Thursday that values the Austrian fracking specialist at 744 million euros ($926 million).
CAT oil specialises in boosting productivity of wells through hydraulic fracturing, known as fracking. Its customers include Lukoil, Rosneft, Gazprom and Kazmunaigas.
According to the offer document, Dijols plans to preserve CAT oil as an independent company but will review its strategy after the takeover and evaluate whether it should expand beyond Russia and the Commonwealth of Independent States (CIS).
The 15.23 euro per share offer runs from Thursday through Jan. 8, Dijols' British Virgin Islands-based takeover vehicle Joma Industrial Source Corp said in the offer document.
CAT Oil's German-listed shares jumped 19 percent to 15 euros by 0854 GMT, reaching their highest level in about a month. The stock is, however, down 26 percent so far this year.
Dijols spent more than three decades at oilfield services group Schlumberger, including as head of its Russia business from 2003 to 2011.
He built an indirect controlling interest of nearly 48 percent in CAT oil by exercising a call option for the stake held by German tax adviser Walter Hoeft, triggering a mandatory offer under German takeover rules.
Dijols is financing the 389.1 million euros cost of the CAT Oil shares his investment vehicle does not yet own via a loan facility from Eurobank Cyprus Ltd, using shares in CAT Oil as collateral.
($1 = 0.8021 euros)
(Reporting by Maria Sheahan; editing by Michael Shields and David Clarke)
Copyright 2016 Thomson Reuters. Click for Restrictions.
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