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#business Investment house J Stern & Co threatens to sue over UK oil firm buyout

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#enterprise Investment house J Stern & Co threatens to sue over UK oil firm buyout

Legal risk over UK oil firm buyout: Investment house J Stern & Co says it is going to sue commodities dealer Mercuria

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Investment house J Stern & Co is threatening to sue commodities dealer Mercuria over its controversial takeover of a British oil and gasoline firm.

J Stern claims the Switzerland-based firm is attempting to purchase London-listed Phoenix Global Resources on a budget.

The investor can be focusing on Phoenix’s administrators for failing to act within the firm’s greatest pursuits. Mercuria, which owns greater than 70 per cent of Phoenix, promised smaller shareholders corresponding to J Stern in 2017 – when it took its majority shareholding – that the firm could be run independently.

Undervalued? Investment house J Stern claims Switzerland-based Mercuria is trying to buy London-listed Phoenix Global Resources on the cheap

Undervalued? Investment house J Stern claims Switzerland-based Mercuria is attempting to purchase London-listed Phoenix Global Resources on a budget

But now, Mercuria plans to take over Phoenix – by providing different traders 7.5p per share, or letting them preserve their stake however stripping away their shareholder protections.

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J Stern claims the supply ‘grossly and materially undervalues Phoenix given the strength of its oil and gas asset portfolio’.

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