GREY:LSTMF - Post by User
Post by
peplareon Dec 15, 2014 10:02pm
![](https://assets.stockhouse.com/kentico-cms/0341-00/images/Sprite.svg#id_Post_Views_Icon)
441 Views
Post# 23233867
Repsol 8.00 us bid for talisman
Repsol 8.00 us bid for talisman
Spain's Repsol SA has submitted an $8.3-billion (U.S.) takeover bid for Talisman Energy Inc. amid falling oil prices and questions about the Calgary-based oil producer's long-term prospects, a source familiar with the situation said on Monday.
Under the offer, Repsol would pay $8 (U.S.) per share forTalisman, whose stock had been under severe pressure before it disclosed the discussions a week ago. Talisman has not issued a response yet.
MORE RELATED TO THIS STORY
The offer, representing a 56-percent premium to Monday's closing price on the New York Stock Exchange, follows deliberation by Repsol's board of directors on Monday. Repsol had reported its board's intention to discuss the potential deal to Spanish stock-market regulators.
"The offer has been presented to the Talisman board," said the source.
Officials with Talisman and Repsol were not immediately available for comment.
Talisman, under chief executive Hal Kvisle, had been working to sell assets to reduce debt and refocus its resources on operations in North and South America as well as Southeast Asia. However, the swift drop in oil prices, and high capital commitments in the company's North Sea joint venture, made the turnaround difficult.
U.S. Activist investor Carl Icahn controls around 7 percent of the company, having amassed his position last year. He had been working with Talisman to seek ways to boost the value of the shares before oil prices fell in recent months.
More to come...