Essar Global has confirmed my scoop about the Ruia brothers making a bid for Essar Energy

Essar Global, a vehicle controlled by the Ruia brothers, has confirmed my story about a potential offer for Essar Energy. I have pasted the release below:

Essar Global Fd Ltd

Response to speculation

RNS Number : 1584A

Essar Global Fund Limited

14 February 2014



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE

FOR IMMEDIATE RELEASE

14 February 2014

Essar Energy Plc

Response to speculation

Essar Global Fund Limited ("EGFL"), the majority shareholder in Essar Energy PLC ("EEPLC") with a 78.02% interest in the issued shares of EEPLC, notes recent press speculation regarding EEPLC.

EGFL confirms it is considering making, either itself or as part of a consortium, an offer for the minority shares in EEPLC and the 4.25% convertible bonds due 2016 (the "Convertible Bonds")

There is no certainty that the current considerations will lead to any offer being made.

Any proposal will likely be made at a modest premium to (i) the closing share price on 13 February 2014 of 60 pence, in respect of the minority shares of EEPLC, and a modest premium to (ii) the closing bond price on 13 February 2014 of 72.21, in respect of the Convertible Bonds.

Until there is certainty as to whether any such offers will be made, it is not appropriate, nor will EGFL undertake, any transactions in the shares of EEPLC, including any transaction to facilitate EEPLC meeting the FTSE UK Index Series minimum free float requirement.

In accordance with Rule 2.6(a) of the Code, EGFL is required, by not later than 5.00 p.m. on 14 March 2014, to either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.

A further announcement will be made when appropriate.

Media Contact:

Edward Simpkins, RLM Finsbury	0207 251 3801 / 07947 740551
Dorothy Burwell, RLM Finsbury	0207 251 3801 / 07917 883360

A copy of this announcement will be available at www.essarglobalfundltd.com.

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.