The Repsol oil purchase US $ 8,300 million to its Canadian rival Talisman Energy. Seen by analysts as a way to recoup their losses with the nationalization of YPF, the transaction will allow Repsol to increase its production by 76%, to 680,000 barrels of oil equivalent per day.
According to a company statement, its reserves grow by acquiring 55% to over 2,300 million barrels of oil equivalent, leading to Repsol to be among “the 15 largest private oil companies in the world “.
The Spanish group sought to strengthen its position in OECD (Organization for Economic Cooperation and Development) considered more stable since leaving Argentina for the nationalization of YPF. So it is understood as the cessation from 2011 of its activities in Libya, where before the oil crisis of Spanish origin concentrated 14% of world production.
Talisman Energy is implanted in North America, but also in Colombia, where he made half of its activities in Asia-Pacific, the North Sea and in Algeria. According to Repsol, “after completion of the transaction, America will increase its weight in the company, assuming almost 50% of the capital employed in the area of hydrocarbon exploration company.”
According to the statement, the offer will be launched at a price of US $ 8 per share, ie 8.300 million, “a premium of 75% over the average common share in the last seven days.”
still under consideration by the Canadian authorities and the approval of the shareholders of Talisman Energy, is expected to close in mid 2015. The Canadian group will hold an extraordinary general meeting on this subject on February 19.
The Canadian group had already indicated in July have been contacted by the Spanish, which made fire their shares at $ 12. According to press reports, discussions were paralyzed this fall, but the fall in oil prices and consequently the capitalization of Talisman Energy, reopened the appetite of Spanish.
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