Vallares Raises GBP1.35 Billion To Buy Emerging Markets Oil, Gas Assets

Vallares PLC, led by former BP PLC (BP.LN) boss Tony Hayward and financial magnate Nathaniel Rothschild, said Friday it has raised GBP1.35 billion in a float to create an acquisition vehicle to buy oil and gas assets in emerging markets.

Conditional dealings in the shares are expected to begin at 0700 GMT under the ticker symbol VLRS. Admission to the London Stock Exchange and unconditional dealings on the main market for listed securities is expected to begin at 0700 GMT on June 22.

Vallares is modeled on Vallar (VAA.LN), Rothschild's mining investment vehicle whose shares are up 21% since their summer 2010 debut.

"The response from a range of high-quality institutional and long-term investors has surpassed our expectations and is a major vote of confidence both in the quality of the Vallares team and in the structure of the vehicle," Rothschild said.

Vallares has placed 133 million ordinary shares at a price of GBP10 per share. The gross proceeds of GBP1.35 billion includes a GBP100 million repurchasing option.

Credit Suisse is acting as global coordinator and joint bookrunner, J.P. Morgan Cazenove is acting as joint bookrunner and Evolution Securities is acting as co-lead manager in the share placing.

-By Selina Williams, Dow Jones Newswires [phone]; [e-mail]