Repsol acquires Talisman Energy for $13 Billion

Repsol acquires Talisman Energy for $13 Billion

Repsol acquires Talisman Energy for $13 Billion

Repsol of Spain agreed to buy Canadian oil and gas producer Talisman Energy for $ 13 billion, including $4.7 billion in debt. It’s about $8 per share with 24 percent premium of average closing price.

 “This is a transformative and exciting deal, which will make us one of the world’s most significant players and which will allow us to grow as a company and reinforce Repsol as a solid and competitive integrated player,” Antonio Brufau, the Repsol chairman, said in a news release.

 Repsol’s announcment comes after Talisman issues with talks to Repsol “regarding a potential corporate transaction”, but had also received more offers.

 Under the terms of the deal, Repsol will pay $8.3 billion for all Talisman shares.

 “The deal underscores Repsol’s belief in the strong set of assets Talisman has worked hard to develop,” Chuck Williamson, the Talisman chairman, said in a news release. “Repsol is a world-class operator with a solid track record and the resources to continue the development of these assets within their international portfolio.”

 The acquisition of Talisman will mean almost half of its capital in North America, 22 percent in Latin America.

 Josu Jon Imaz San Miguel replaced former CEO of Repsol Antonio Brufau Niubó, who served between years 2004-2014 in this company

 “This is a transformative and exciting deal, which will make us one of the world’s most significant players and which will allow us to grow as a company and reinforce Repsol as a solid and competitive integrated player,” Antonio Brufau, the chairman of Repsol, said in a news release.

 The transaction has been approved by Talisman’s board of directors, which recommends to accept the offer by shareholders. The deal requires regulatory approval to be completed in mid-2015.

 Repsol advisors were JPMorgan Chase and the law firm Bennett Jones, while Nomura and Goldman Sachs advised Talisman.

Mr. Stakebay says:

 This deal will increase production of Repsol by 76 percent to 680 000 barrels of oil equivalent a day and will have more than 27 000 employees in 50 countries. Repsol is expected to achieve more than 200 million in cost savings annually and expand Repsol’s portfolio of energy assets and production with appended operations in Colombia, North America, Norway and Southeast Asia.

 

 

REPSOL

TALISMAN ENERGY

Revenue

€ 23.531 Billion (2013)

 $ 4.486 Billion (2013)

Operating income

€ 430 Million (2013)

  $ 2.716 Billion (2013)

Profit

€ 1.327 Billion (2013)

  $ – 1.175 Billion (2013)

Total assets

€ 53.31 Billion (2013)

   $ 19.161 Billion (2013)

Total Equity

€ 27.45 Billion (2013)

  $  8.555 Billion (2013)

Employees

24 214 (2013)

2809 (2013)

 

CEO of Repsol SA…………………….Josu Jon Imaz San Miguel..2014-present

President and CEO of Talisman Energy…..Harold N. Kvisle……..2012-present…..C$ 9 543 519 (2013)

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