Fuente: Bloomberg.com
Repsol SA (REP) is exploring a bid for Talisman Energy Inc. (TLM) as it looks to deploy cash it received as compensation for the loss of its stake in Argentina’s YPF SA (YPF), according to people familiar with the matter.
Repsol, Spain’s biggest oil company, identified Talisman as a top target and is working with JPMorgan Chase & Co. as it evaluates the deal, one of the people said, asking not to be identified discussing private matters. Repsol is considering acquisitions as it seeks growth outside its home market.
Talisman, based in Calgary, has a market value of about $10.2 billion based on yesterday’s closing price. Talisman, which was targeted by billionaire investor Carl Icahn, is seeking to sell assets to cut debt and focus its capital on a smaller number of core assets.
Talisman generates about half it sales in North America and the North Sea, with the rest mostly coming from Southeast Asia, data compiled by Bloomberg show. Talisman Chief Executive Officer Hal Kvisle in May blamed weakness of the North Sea business for weighing on the company’s turnaround.
Talisman said in March it plans to divest $2 billion in assets over 18 months and in June said it hired Miro Advisors Pty to sell its stake in oilfields off northern Australia. Talisman and Statoil ASA ended their effort to sell a joint venture in Texas’s Eagle Ford shale after offers came in lower than expected, people familiar with the matter said this month.
The company has underperformed Canadian and global energy peers as it seeks to unwind a portfolio of investments spanning six continents amassed mostly last decade.
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