EOG a Takeover Target

[dan_s]

Full article: http://www.reuters.com/article/idAFSGE6 ... 906?rpc=44

MUMBAI/NEW YORK, Sept 6 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries (RELI.BO), which has struck three shale gas joint ventures with U.S. firms this year, may make a full buyout next as the cash-rich firm builds the knowledge it needs to run such operations.

Reliance has received about 20 to 25 pitches from investment bankers for shale assets, Reliance Chief Financial Officer Alok Agarwal said recently.

Bankers say potential targets include Fort Worth, Texas-headquartered Quicksilver Resources Inc (KWK), Denver, Colorado-based Enduring Resources and companies with assets in the Horn River shale formation in Canada.

Another firm on Reliance's radar may be Houston, Texas-based EOG Resources (EOG), which said in early August it plans to sell about 180,000 acres in U.S. shale plays -- underground rock formations that hold reserves of oil and natural gas.