Fuente: Bloomberg.com
Repsol SA (REP) has revived talks with Talisman Energy Inc. (TLM), people with knowledge of the matter said, as the Spanish company seeks acquisitions to bolster its presence in North America even while oil prices tumble to five-year lows.
Repsol and Calgary-based Talisman are discussing options that could include the sale of some assets or the whole company, the people said, asking not to be identified because the deliberations are private. Talisman’s plunging valuation -- now at C$4.5 billion ($3.9 billion) after falling about 60 percent since the end of August -- remains a hurdle to any deal, the people said.
Repsol, which is seeking to deploy about $10 billion in cash via acquisitions outside its home market, dropped a plan to buy all of Talisman in August after conducting due diligence on the company, people with knowledge of the matter said at the time.
Talisman’s shares have fallen since then, as a drop in crude oil accelerated and investors punished debt-laden explorers, making the company a more attractive target to the cash rich Repsol and others, the people said. Deterred by high valuations in the past, global oil firms have held off for years on buying companies that specialize in shale drilling.
Talisman fell 4.2 percent to C$4.30 in Toronto yesterday, while a benchmark of Canadian energy stocks was down about 5.7 percent. Repsol, which fell 1.5 percent yesterday, has a market value of about $30 billion.
Repsol has been seeking acquisitions in developed countries including the U.S. and Canada after receiving compensation from Argentina in May relating to the nationalization of its YPF SA unit.
“More than likely, Repsol wants a piece of their North American assets, and in particular, the Marcellus,” said Chris Cox, an analyst with Raymond James in Calgary. The Marcellus could be a “great backbone” for a $2 billion plant Repsol is considering building on Canada’s Atlantic coast to export liquefied natural gas, he said.
Artículo completo: http://www.bloomberg.com/news/2014-12-08/repsol-said-to-revive-talks-with-talisman-on-transaction.html?hootPostID=00e5143fce0bdd8f7a46ac1ff7850c82
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