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Nigerian independent Seplat Petroleum announced on 15 October that it had agreed to buy AIM-listed Eland Oil & Gas for £382m ($478m). The 166p/share price represents a premium of approximately 28.5% to the Eland closing price of 129.2p on 14 October. The offer has been recommended by the Eland board and is supported by its three largest shareholders, which hold about 59% of the company’s shares, Seplat said.