Glencore to buy Caracal Energy in $1.35B deal


Glencore Xstrata (GLCNF, GLNCY) agrees to acquire Caracal Energy (CCAXF) for £5.50/share ($9.20/share, or ~$1.35B) in cash.

Caracal terminates a previous proposal to merge with TransGlobe Energy (TGA).

TGA says it received a $9.25M break-up fee from Caracal and plans to reintroduce its previously announced dividend.

Glencore acquired a one-third interest in three oil fields in Chad from Caracal in 2012, and “this transaction deepens our relationship, adding further value and expertise to our growing oil business in Africa," says Alex Beard, head of Glencore’s oil division.

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