Andreas Sohmen-Pao’s BW Group has launched its takeover offer for Oslo-listed subsidiary BW Energy, causing its stock to jump 12% on Thursday.

The price reached NOK 26.85 in afternoon trading, only a little short of the NOK 27 per share being offered by BW Group.

The takeover bid runs to 12 January and values the oil production & exploration company at NOK 6.7bn