Seeking Alpha

Canada approves sale of Talisman's Montney gas assets to Progress Energy

  • Canada’s Industry Minister approves Progress Energy’s (TLM +1.1%) ~C$1.5B purchase of Talisman Energy's Montney natural gas assets in British Columbia.
  • In November, TLM - under pressure from investors to reduce its holdings - signed the deal for the subsidiary of Malaysia's Petronas to acquire ~51K net hectares of land in areas of the Montney that TLM owns through a 50-50 partnership with Sasol (SSL).
  • If the deal closes as planned and SSL doesn't exercise its right of first refusal for the assets, the Malaysian and South African companies would be partners in the Montney.
Comments (2)
  • john001
    , contributor
    Comments (768) | Send Message
     
    and TLM drops on the news. Under the circumstances TLM finds itself in, I thought selling assets would cause the share price to rise. Odd.
    6 Mar 2014, 11:15 AM Reply Like
  • Jeb Walport
    , contributor
    Comments (317) | Send Message
     
    Perhaps the bright side is that the price didn't drop as fas as it would have if the deal had not been inked. =-(
    9 Mar 2014, 03:38 AM Reply Like
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