PCL definately don't own Afren. Market caps tell you that. Afren...

PCL definately don't own Afren. Market caps tell you that. Afren are currently worth circa $2bn.

As an Afren shareholder (and you can read my posts on iii.co.uk) I don't think this is likely. Firstly, ENI / Exxon want out of Nigeria which is where half of Afrens main assets are, and they would have to spend $m's on consultants to sell these assets. IMO, they are after specifically Afrens Kurdistan assets and there could be a farm out there, and potentially in the future their East African assets. Exxon in particular are a bit more conservative with exploration than say BP, so I don't think would buy them when they are early exploration assets.

Secondly, the figure for me just doesn't stack up, most takeovers that I have seen have not been flat and round numbers like 200p as mooted for this takeover, they have predominantly been based around P/E's or $/ barrels not some fancy number so I suspect this is just the city trying to entertain themselves in the UK summer when its a bit quieter.

As an Afren holder I wouldn't be at all happy with a takeover at 200p.