Arab Today, arab today spains repsol to buy canadas talisman for 83bn
Last Updated : GMT 16:20:21
Arab Today, arab today
Arab Today, arab today

Spain's Repsol to buy Canada's Talisman for $8.3bn

Arab Today, arab today

Arab Today, arab today Spain's Repsol to buy Canada's Talisman for $8.3bn

Under the deal, which was approved by Repsol's board
Madrid - AFP

Spanish oil giant Repsol said Tuesday it has agreed to buy its struggling Canadian rival Talisman for $8.3 billion (6.6 billion euros), a deal that will extend its global reach.
Under the deal, which was approved by Repsol's board, the Spanish firm will also assume Talisman's debt of $4.7 billion, Repsol said in a statement.
Repsol said it will increase its output by 76 percent to 680,000 barrels of oil equivalent per day with the acquisition of Talisman, one of Canada's largest independent oil and gas producers.
The new firm that emerges will be "among the 15 largest privately owned oil and gas companies in the world", Repsol added.
"This is an extraordinary operation for Repsol, for the hydrocarbon sector and for the Spanish economy," Spain's Industry Minister Jose Manuel Soria told reporters.
Repsol is flush with cash after Argentina earlier this year paid it $6.3 billion in compensation for seizing control of YPF, the Spanish firm's subsidiary in the Latin American country.
The company said in November it had around $10 billion to make acquisitions to build up its presence in member states of the Organization for Economic Cooperation and Development rather then exposing itself to the greater political risks typical of emerging economies.
Repsol said the acquisition of Talisman would incorporate "reserves and production in politically stable countries".
"Talisman will contribute first-class producing and exploration assets in North America (Canada and US), Southeast Asia (Indonesia, Malaysia and Vietnam) as well as Colombia and Norway, amongst others," it added.
Repsol will pay $8.0 (6.42 euros) per Talisman share, a 24 percent premium over the average share price of the last three months.
"Once the transaction is complete, North America's weight in the resulting company will increase to almost 50 percent of capital employed in exploration. Latin America will represent 22 percent," Repsol said.
Talisman said in July that it had been approached by Repsol but the Spanish firm reportedly pulled out because the price for the company was too high. Since then Talisman's shares have dropped.
The Standard and Poor's ratings agency in October cut Talisman's credit rating to triple-B-minus, one notch above junk, citing concerns about the company's limited ability to generate enough cash flow to offset high operating costs.
Talisman loaded up on debt as it aggressively pursued overseas expansion. It is now struggling to reduce its debt load amid a slump in oil and gas prices.

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spains repsol to buy canadas talisman for 83bn Arab Today, arab today spains repsol to buy canadas talisman for 83bn

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday