BUZZ-Penn Virginia Corp: Rises on report of BP offer

Reuters - UK Focus

** Oil and gas producer's shares rise as much as 19 pct to $5.30

** BP offered to buy Penn Virginia for $8/share, financial news website Proactive Investors said, citing sources familiar with the matter

** Offer represents 80 pct premium to Penn Virginia's Wednesday close

** Penn Virginia rejected the offer and is holding out for at least $10/share, Proactive Investors reports

** Exxon Mobil Corp and Chevron Corp may also be interested in Penn Virginia, website says

** More than 11 mln shares traded by 12:45 p.m. ET, above their 25-day moving avg of 3.1 mln

** 9 of 16 brokerages rate the stock "buy" or higher, 7 "hold"; their median PT is $8

** Up to Wednesday's close, stock had fallen by more than a third this year