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. Last Updated: 07/27/2016

Vallourec Spikes on Gazprom Report

French company Vallourec pared gains in Paris trading Thursday after Gazprom said it was not interested in buying the maker of steel tubes used to carry oil and gas, refuting a report in a British newspaper.

The Daily Mail said in its market report section Thursday that the Vallourec board was prepared to accept a bid of 280 euros ($390) per share, 53 percent above Wednesday's closing price.

A spokesman for Gazprom in Moscow who declined to be named denied the report.

Fabrice Baron, a spokesman for Vallourec, said by telephone that the company did not comment on speculation.

Vallourec stock rose 8.8 euros, or 4.8 percent, to 191.26 euros in Paris, giving the company a market value of 10.1 billion euros ($14.1 billion). Earlier, it jumped as much as 6.8 percent, the biggest intraday advance since May 31.