Shares in FTSE 250 oil producer Burren Energy fell 15% today to £10.10 after the collapse of a £1.7 billion takeover.

Italian energy giant Eni has terminated talks with Burren after a revised £12 per share offer was rejected.

Burren originally spurned a £10.50 per share offer last month from Eni, but said last Friday it would enter negotiations if the Italian suitor revised its bid.

The higher £12 per share offer was not deemed to be adequate and Eni has now refused to go higher, choosing to walk away completely from the deal.

There has been a wave of corporate activity involving oil and gas producers in the past few months. Pressure to find new reserves has fueled a spate of takeovers.

Burren has oil fields in Turkmenistan, Congo, Egypt and Yemen. It also has a minority holding in Indian exploration and production firm Hindustan Oil Exploration and a small oil shipping business.