The Telegraph seems to be on the case as far as beleaguered Petrofac is concerned, with a detailed rundown both in the Sunday Telegraph and yesterday in the Daily edition. This enthusiasm is warranted provided that the SFO who are digging around in terms of an intermediary company to Petrofac do not decide to go for reputation damage / anything more than a fine. The daily chart here has been helped by the latest gap to the upside this morning, off the floor of a broadening triangle in place since June.
On this basis while above 400p one would be looking to a 600p zone destination over the next 1-2 months. Clearly, if a cheeky offer from the likes of Schlumberger / Halliburton comes in ahead of any SFO moves. On this basis the powers that be at Petrofac may decide that it is best to get taken over by a larger entity to cushion ahead of any negative move from the results hungry regulator.
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