The bid vehicle of former BP Plc Chief Executive Tony Hayward and financier Nathaniel Rothschild completed its controversial $2 billion acquisition of Kurdistan-focused Genel Energy on Monday. An expected rise in shares of the group, previously known as Vallares and now known as Genel Energry Plc, failed to materialise. The stock traded up less than 1.0 percent at 1000 pence at 0805 GMT, ahead of a 0.8 percent drop in the STOXX Europe 600 Oil and Gas index.The shares had been suspended since the deal was announced in September.Analysts had predicted a significant rise in the shares, because the group had made good on its pledge to find emerging market oil reserves for a modest price.Some analysts also predicted the group's plans to bolt on other acquisitions in the semi-autonomous Kurdish region of Iraq would be a winner with investors.
Shares of BP remained unchanged at $42.48. In the past year, the shares have traded as low as $35.10 and as high as $49.50. On average, 10883100 shares of BP exchange hands on a given day and today's volume is recorded at 0.
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