ENERGY
From Times Staff and Wire Reports
British Oil Firm Bids for Rival: The British oil exploration and production company Lasmo made a $1.99-billion stock-swap bid for rival Ultramar aimed at creating a world leader in the sector. Ultramar, which produces oil and natural gas in the North Sea and Indonesia, rejected the bid as “unsolicited and unwelcome.” Lasmo contends that Ultramar’s stock has languished because management failed to head off a capital crunch that has prevented it from being able to explore as much as it should.
