German gas group Wintershall Holding has made an agreed bid for Revus Energy, valuing the Norwegian explorer at about NOK 5.040 billion (about US $740 billion).

Wintershall said it had launched the recommended voluntary offer for 100% of Revus shares.

Shareholders of the target will get NOK 110 a share in cash - a bid that represents a 145% premium on Friday's closing price for Revus.

Wintershall added that the bid also reflected respected premiums of 64%, 44% and 44% to the three, six and 12 month average closing prices.

Revus, which was advised by JP Morgan and First Securities, has unanimously decided to recommend the offer.

Revus' board said the offer by the German fairly reflected the underlying values of the Norwegian group.

'Attractive offer'

"We believe this is an attractive offer to shareholders, fairly reflecting the underlying values of the company," said Revus CEO Harald Vabo.

"I am very proud of the achievements of our company to date and am excited about its future under a new owner," he added.

Revus said that Wintershall - a global oil and gas exploration and production company - was well placed to support Revus with resources in implementing its strategy to develop further its position as a leading North Sea exploration company.

Wintershall has indicated that it intends to keep the current operations, management and employees of Revus.

Members of Revus senior management and board members holding shares have provided pre-acceptances - unless a higher competing offer is presented and Wintershall elects not to match such competing offer.

The offer has also been pre-accepted by Revus' largest shareholder, Sector Asset Management on the same terms, for about 16.5% of the outstanding shares.

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