The board of Repsol yesterday approved the purchase of Canadian oil company Talisman Energy in excess of 6,000 million euros amount. The resolution adopted by the managers of the Spanish group involves launching a bid for all the shares in Talisman while the transaction is subject to approval by the board of the company.
The news triggered a 20% share of Talisman, to $ 5.13 per share. This quote puts the market value of the group at 4,250 million euros, to which must be added an upcoming debt to 3,900 million euros. If you include this figure, the total volume of the operation would be around 10,000 million euros.
However, the actions of the Spanish resent at the opening of the session on Tuesday, with falls of over 3%.
Indeed, strong leverage Talisman has been one of the factors that have accelerated contacts . The closing of the transaction occurred in a second round of negotiations, after failing a first attempt to deal last July by the dispute over the price of the transaction. The fall of a barrel of oil and derivative weakening Talisman Bag She’s lost 56% of its value in six months they began a second round of contacts.
While resumed talks with Repsol, Canadian oil probed other potential buyers, said last week the supervisor of the Canadian stock market. In the last three weeks of negotiations between the parties have intensified in mid-November -a managers Repsol almost dismissed the operation- and Friday several executives of Spanish group traveled to Calgary to close a deal .
The purchase of Talisman Energy will allow Repsol to increase by 75% its oil production , to around 850,000 barrels per day. Furthermore, the Spanish oil company reinforces its strategy to increase its presence in countries OCDEy especially in North America. In the latter market is located half hydrocarbon reserves Talisman, divided into oil and gas. Repsol also reinforced in Colombia and introduces the head in Asia, another ‘markets core ‘ of the Canadian company.
On the other hand, the Spanish oil company puts an end to the saga of YPF, Argentina company expropriated by the government of Cristina Kirchner in April 2012. Repsol has used part of the compensation of 3,640 million and 1,000 million euros from the sale of shares to finance this transaction with internal resources.
Talisman Repsol will provide 23% less production YPF had at the time of expropriation , but will allow the Spanish group almost double its size in the business of exploration and production of crude oil. In addition, the US group has a proven 1,006 million boe, a similar figure to that then drove Argentina’s oil reserves. Reservations are as important as production, since they reflect the future prospects of an oil.
Repsol presented next February a new strategic plan for the years 2015-2018 . The group had contemplated transactions with a maximum amount of 12,000 million euros without increasing its debt, which currently stands at 1.998 million euros. The group’s shares fell yesterday on the Stock Exchange 2.97% to 15.69 euros.
The operation, to come to fruition, it would be one of the largest in size executed by a Spanish company in recent years . Above are only two purchases of Telefónica: the E-Plus in 2013 by 8,550 million euros, and the acquisition of Portugal Telecom of its Brazilian business by 7,500 million. Other major operations in recent years have been the acquisition of Union Fenosa Gas Natural in 2008, amounting to 5.496 million, or Energy East by Iberdrola in 2007, amounting to 6.015 million.
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