&lt;Petranol Plc> said it was discussing the takeover of an unnamed company owned by Frenchman Hubert Perrodo in exchange for Perrodo taking a 51 pct stake in Petranol. It said in a statement the assets of the company to be acquired included a substantial interest in an unspecified oil field in Torrance California and five mln dlrs in cash. Funding commitments for Petranol both in respect of the Californian oil field and Petranols existing U.S. Assets would be included in the agreement. Petranol said the deal would enhance its presence in the U.S. Increase its capital and secure the availability of development cash.
PETRANOL IN TAKEOVER TALKS WITH PERRODO GROUP