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Friday, October 03, 2008
Shell Reportedly Offered $1.2 Bln For Regal Petroleum
Steve Goldstein
MarketWatch Pulse
LONDON -- Royal Dutch Shell has proposed a 600 million pound ($1.2 billion), or 300 pence a share, offer for Regal Petroleum , a U.K.-listed energy firm with operations in Ukraine, Romania and Egypt, according to a report in the Daily Telegraph. The bid interest may prompt rival interest from Lukoil and Gaz de France , the report said. Regal's founder, Frank Timis, fueled investor anger in 2005 when a Greek exploration found far less oil and gas than promised, leading to a sharp share price fall. Timis now runs a mining firm based in Sierra Leone but still holds a 15% Regal stake.
Copyright © 2008 MarketWatch, Inc.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
