Spain’s Repsol considering bid for Talisman Energy – Bloomberg

Repsol logo23 July 2014, News Wires – Spanish oil company Repsol SA is considering a bid for Canada-based Talisman Energy Inc, Bloomberg reported, citing people familiar with the matter.

Repsol has identified Talisman as a top target and is working with JPMorgan Chase & Co, one of the people said. U.S.-listed shares of Talisman Energy, which has a market cap of $10.20 billion, were up about 14 percent at $11.25 in extending trading on Tuesday.

Repsol is looking for acquisition opportunities in OECD countries that offer extra growth capacity, Chief Financial Officer Miguel Martinez said in May after it exited the Argentine market. 

The company completed a $1.3 billion stake sale in energy firm YPF. In the same month, Repsol also said it had obtained $6.3 billion from selling shares in YPF and bonds given by Argentina in compensation for the nationalisation of its majority stake in the unit.

Repsol said in June the company could have 9 billion euros ($12.23 billion) to invest. Talisman, Canada’s No. 5 independent oil and gas producer, has been restructuring its operations and cutting debt in an effort to boost its share price to satisfy disgruntled and activist investors such as Carl Icahn. Repsol and Talisman were not immediately available for comment.


– Reuters

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