Harbour Energy PLC (LSE:HBR) soared over 7% after announcing on Tuesday morning that its takeover of assets from Germany’s Wintershall will close soon.
The takeover is expected to be completed in September, FTSE 250-listed Harbour said in a statement, following “considerable progress made on satisfying the conditions to completion”.
This included recent regulatory consent in Mexico, Harbour added.
Harbour agreed the US$11.2 billion (£8.5 billion) share and cash deal in December with co-owners BASF and LetterOne.
This would see it become one of the world’s largest independent oil and gas producers and comes as the company looks to expand from the UK after companies have been hit with a windfall tax in recent years.
Shares climbed 7.2% to 301p.