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Mangrove Partners, opponent of Denbury deal, raises Penn Virginia stake to 11.1 percent

By Jason Booth ( November 30, 2018, 20:40 GMT | Insight) -- Activist fund Mangrove Partners has again increased its stake in oil driller Penn Virginia, now to 11.1 percent, two days after demanding the company scrap its merger with Denbury Resources and warning that it will launch a proxy fight unless the deal is terminated. The move comes as research house Oppenheimer issued a report predicting that the deal will not receive enough shareholder support.Activist fund Mangrove Partners has again increased its stake in oil driller Penn Virginia, now to 11.1 percent, two days after demanding the company scrap its merger with Denbury Resources and warning that it will launch a proxy fight unless the deal is terminated. The move comes as research house Oppenheimer issued a report predicting that the deal will not receive enough shareholder support....

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