Enterprise regained?
WOMEN, elephants and Sir Denis Rooke never forget an injury. British Gas's pachydermatous chairman was displeased when his North Sea assets were taken away to be privatised as Enterprise Oil. Now here he is, mounting a raid on another North Sea company, Lasmo, but it may well prove that his real target is Enterprise. His brokers, zooming in on Lasmo with orders to pick up 15 per cent of the shares, had to come away with one per cent suggesting that holders thought it silly to sell when the action was only just begin- ning. That looks right. To a bidder Lasmo has two charms, apart from its oil. The first is that the major shareholder, RTZ, with almost 30 per cent, has put up a 'For Sale' sign. The second is that Lasmo itself owns 25 per cent of Enterprise. Another 25 per cent belongs to Imperial Chemical Indus- tries, which swapped its stake in the Ninian oilfield for Enterprise shares — but is not in the business of long-term portfolio investment in oil companies. Add in Las- mo's, and you have control of Enterprise — which, living up to its new name, has grown to become the biggest independent British oil company, and quite possibly the world's biggest. Such companies have a rarity value — especially if theirs is North Sea oil, with a tax regime which oilmen, when out of the Chancellor's earshot, call friendly. Even with the oil price weaken- ing, Sir Denis will need determination and deep pockets if he is to get his old business back. But then, he has both.
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