Private equity group Altor said it is to make a mandatory bid for Norwegian oil services firm AGR Group after hiking its stake to 43.2 pct from 31.2 pct at a price of 40 nkr per share.

'As a consequence of yesterday's acquisition, Altor Oil Service Invest will launch a mandatory offer as soon as practically possible,' said Altor chairman Hugo Maurstad.

'We believe that AGR has an attractive growth outlook but that there is a significant amount of work, time and investment needed to fully realise the potential.'

AGR has already said it has engaged RBC (NYSE:RY) Capital Markets to review the implications of the announced purchase.

'In the interests of all shareholders the board is working expeditiously to review the offer,' it said.

In Norway, a shareholder whose stake exceeds 40 pct must make a mandatory bid for the rest of the shares.

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