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Worldview Prepares to Place Bid for Petroceltic International

Activist investor Worldview Capital Management said on Friday that it is pondering a bid for Petroceltic International.

Activist investor Worldview Capital Management said on Friday that it is pondering a bid for Petroceltic International, a move that could end a more than year-long feud between the troubled oil producer and its largest shareholder. Ireland’s Petroceltic appears to have forced the hand of its 29.6% shareholder after it placed itself on the block in December, admitting that it had breached the terms of a senior bank facility secured against assets and was near collapse. Petroceltic’s shares tumbled more than 90% in the past year as falling oil prices undercut its ability to finance loans and asset sales failed to plug the gap. The company’s battle against collapse has been further complicated by its board’s ongoing battle with its biggest shareholder.

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