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Petronas Buys a Stake in Centrica

Petronas buys stake in Centrica of the UK but denies the takeover bid

Malaysian state oil company Petronas announced on Friday that it had built up a 4 per cent stake in Centrica, the parent company of The AA and British Gas. It specified that it wouldn't take over the UK's company.

The news came as Centrica put its gas and electricity bills up by 14.2 per cent, blaming rising natural gas prices, and said its profits for the year would be at the lower end of expectations.