Harbour Energy, the UK’s largest producer of oil and gas, has said it’s acquisition of Wintershall Dea is “continuing to make good progress”.
The $11.2bn (£8.81bn) deal is expected to be completed in the fourth quarter this year.
A trading update from Harbour Energy this morning notes that documents are in the “final stages of preparation with publication expected in the coming weeks.
It adds: “A shareholder meeting to approve the acquisition will take place thereafter”.
Experts predict the deal will enable Harbour to increase its production rate to around 500,000 barrels of oil equivalent per day.
Last month, the current management board of Wintershall Dea announced it would step down once the transfer of its non-Russian oil and has assets was complete.
CEO Mario Mehren, COO Dawn Summers and CFO Paul Smith will remain on the board until the completion of the transaction.
FTSE 100
The UK's flagship share index, the FTSE 100, was up six-points at 8,237 shortly after opening this morning.
Brent crude oil futures were up 0.05%, trading at $81.92 a barrel.
Companies reporting today
No companies are reporting today.