Apache Corp (NYSE:APA) rose more than 10% in early deals following media reports that it had rejected a takeover approach.
The potential suitor’s identity remains undisclosed and whilst there has yet to be confirmation of the approach or its value, investors have been snapping up the New York listed stock.
A report by Bloomberg over the weekend claimed that a written approach was received in the “past few weeks” and the American oil firm had hired Goldman Sachs to work on a defence against any possible hostile bid.
Apache last week announced financial results for the third quarter to September 30 which beat market expectations.
The group, which is one of the larger US shale drillers, said it expected to have produced an average of 307,000 to 309,000 barrels of oil per day for 2015, which represented a slight upgrade to prior guidance.
In New York, Apache shares climbed US$5 or 10.43% each to trade at US$52.68.