Beach buys into Cooper, denies takeover bid COOPER Energy has come under the takeover spotlight after Beach Energy revealed it was behind last week's heavy buying in its fellow Cooper Basin oil and gas producer. But Beach told The Australian last night that it had no "current" intention to bid. From time to time Beach makes investments in other oil and gas companies as has been evident in the past. Beach's recent further investment in Cooper Energy shares arose from an unsolicited opportunity. Beach has no current intention to make a takeover bid for shares in Cooper Energy," a spokesperson said. The buying increased Beach's stake in Cooper from 9.5 per cent to 18.41 per cent and has helped Cooper's share price recovery from its recent lows of 36c a share in response to inconclusive results from the drilling of the Hammamet West oil prospect offshore Tunisia, which Cooper has previously flagged it will divest as part of its retreat from international exploration. But the heavy buying by Beach led to Cooper shares marching higher to 41c by the close of trade yesterday. At that price the company is valued by the market at $135 million. Beach is now clearly Cooper's biggest shareholder and its recent sharemarket raid -- stock was supplied by David Paradice's Paradice Investment and others -- looks to have caught Cooper by surprise. Cooper has recently relocated its office from Perth to Adelaide, also the home base of Beach. Cooper's executive director, exploration and production, Hector Gordon worked with Beach for 16 years as exploration manager and chief operating officer. Both companies are known for their partnership in proving the oil potential of the western flank of the Cooper Basin.