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. Last Updated: 07/27/2016

Fresh Saga Bid Begun

OSLO, Norway -- France's Elf Aquitaine re-entered a bidding war over the Norwegian company Saga Petroleum on Wednesday by adjusting its offer, apparently in the hope that Norsk Hydro ASA's shareholders would reject their own company's takeover plan.

Norway's 51-percent state-owned Norsk Hydro and the state oil company Statoil ASA jointly offered 135 kroner ($17.30) per share in stocks and cash for Norway's third-largest oil company. That values Saga at about 20 billion kroner ($2.56 billion).

The Norwegian bid was 10 kroner ($1.28) more than Elf's offer, and was recommended to shareholders by the Saga Petroleum board Friday.