Sep. 28, 2015, 8:49 AM
- BG Group (OTCPK:BRGXF, OTCQX:BRGYY) agrees to acquire stakes in three exploration blocks off the coast of Newfoundland from Repsol (OTCPK:REPYF, OTCQX:REPYY); no financial terms are disclosed.
- BG says the deal provides access to early stage exploration in a proven prospective basin ahead of the first well being drilled later this year.
- The three blocks are operated by Statoil (NYSE:STO).
Apr. 8, 2015, 3:48 AM
- European energy shares are having a party in early trading following confirmation of Shell's blockbuster deal to buy BG Group for $70B.
- Tullow Oil (OTCPK:TUWLF) soars 11.5%, BP (NYSE:BP) is +4.2%, Repsol (OTCQX:REPYY) +2.2%, Total (NYSE:TOT) +1.3% and Eni (NYSE:E) +1.5%. The STOXX Europe 600 Oil & Gas index is +5.4%.
- "The deal is done on a net asset value basis, and the good price tag is set to trigger some re-rating across the whole sector," says a Paris-based trader.
- ETFs: XLE, ERX, VDE, OIH, XOP, ERY, FCG, DIG, GASL, DUG, IYE, XES, IEO, IXC, IEZ, PXE, IPW, PXI, FENY, PXJ, PSCE, RYE, FXN, GNAT, DDG, FILL
Feb. 18, 2015, 4:37 PM
- Talisman Energy (NYSE:TLM) says its shareholders voted overwhelmingly to approve the takeover of the company by Repsol (OTCPK:REPYF, OTCQX:REPYY).
- TLM expects the deal, which still requires court and regulatory approvals, to close during Q2.
- Repsol expects the acquisition to boost its oil production by 76% to 680K bbl/day while its reserves would increase 55%.
Dec. 16, 2014, 10:24 AM
- Talisman Energy (TLM +47.2%) explodes higher at the open after Repsol's (OTCQX:REPYY -2.3%) $13B deal to buy the company, but investors in the Spanish company aren't so enamored, sending shares lower.
- The purchase price of $8/share reflects a 75% premium to the seven-day volume weighted average share price - a hefty price that analysts say could force Repsol to consider a sale of its 30% stake in Gas Natural; Repsol chairman Antonio Brufau says his company is not considering such a sale.
- Barclays believes Repsol is getting a business that is free cash flow negative with a problematic North Sea business of questionable value, and that it should have waited longer for what could be a prolonged oil price downturn to make an acquisition.
- But considering that TLM's share price topped $11 last June before plunging to ~$4 last week, 24/7's Paul Ausick says Repsol got a bargain; TLM’s main assets are high quality - in the Marcellus shale play in Pennsylvania and the Eagle Ford shale play in south Texas, as well as off the coasts of Indonesia and Malaysia - and the two companies' combined production capacity will total ~680K boe/day with refining capacity of ~1M bbl/day, vaulting it into the ranks of the 20 largest oil companies in the world.
Dec. 16, 2014, 2:44 AM
- Talisman Energy (NYSE:TLM) has confirmed that Repsol (OTCQX:REPYY, OTCPK:REPYF) plans to purchase it for $8.3B, or $8 per share in cash.
- Repsol said it would also take on $4.7B of Talisman debt as part of the deal, putting TLM's enterprise value at $13B.
- Talisman Energy's board has approved the offer and recommends that shareholders accept it.
- TLM +20% After hours
Dec. 15, 2014, 9:51 AM
- Talisman Energy (TLM +21.2%) explodes higher at the open as Repsol (OTCQX:REPYY, OTCPK:REPYF) closes in on a deal and Canada Pension Plan Investment Board reportedly weighs a bid for the Canadian oil and gas explorer.
- Bloomberg reports that Canada Pension is considering making a bid for the whole company after initially considered buying parts of it, perhaps emboldened by a 59% YTD plunge in TLM.
- Expansion is reporting that Repsol’s board is meeting today to approve a TLM bid.
Dec. 15, 2014, 9:03 AM
- Talisman Energy (NYSE:TLM) +17.2% premarket after confirming it is engaged in discussions with Repsol (OTCQX:REPYY, OTCPK:REPYF) about a potential transaction, and has been approached by other parties.
- TLM closed 16% higher on Friday as details of Reposl's interest leaked out; senior execs reportedly traveled to Calgary to discuss a deal that could be completed before Christmas.
Dec. 12, 2014, 11:33 AM
- The perception takes hold that a takeover offer for Talisman Energy (TLM +34.5%) is imminent, as Financial Times reports that Repsol (OTCQX:REPYY, OTCPK:REPYF) executives have traveled to Calgary and hope to seal a deal by Christmas.
- The price being negotiated is in a range of $6-$8/share, which would represent a premium of up to 117% to TLM’s C$4.26 closing price yesterday; including debt, the deal would give TLM an enterprise value of $10B-$12B.
Dec. 12, 2014, 8:00 AM
- Talisman Energy (NYSE:TLM) +10.8% premarket after a report suggests Repsol (OTCPK:REPYF, OTCQX:REPYY) is finalizing a €4B for the company.
- Citing financial sources, the newspaper Expansion says a bid could come in at ~C$6/share.
- Repsol had recently revived takeover talks with TLM after dropping a plan earlier this year to buy the company, according to reports.
Dec. 8, 2014, 3:58 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) has revived talks with Talisman Energy (TLM -4.8%) in a bid to bolster its presence in North America, according to a Bloomberg report.
- Repsol and TLM are said to be discussing options including the sale of a selection of assets or the whole company.
- Repsol, which is seeking to deploy ~$10B in cash on acquisitions outside its home market, reportedly dropped a plan to buy all of TLM in August.
Aug. 28, 2014, 3:59 PM
- Repsol (OTCPK:REPYF, OTCQX:REPYY) has dropped a plan to buy all of Talisman Energy (TLM -1.9%) but is interested in purchasing some of TLM’s shale assets, Bloomberg reports.
- Repsol is said to have abandoned its original plan for a full takeover after failing to find buyers for assets it wasn’t interested in owning after a takeover, including TLM's North Sea and Southeast Asia assets, but the companies are talking about TLM assets in Texas’ Eagle Ford and Alberta’s Duvernay regions.
- Earlier: Repsol, Talisman talks over a potential deal have stalled, WSJ reports.
Jul. 23, 2014, 11:16 AM
- Trading resumes in Talisman Energy (TLM +11.8%) after the company acknowledges it has been approached by Repsol (OTCQX:REPYY, OTCPK:REPYF) regarding various transactions, but says there is no assurance that any deal will be reached and will make no further statement until "such time as it is appropriate."
- Media reports yesterday said Repsol is considering a bid for TLM, whose U.S. assets, especially an opportunity to gain a foothold in the oil-rich Eagle Ford basin in Texas, likely are the most enticing, according to a Cannacord note.
- "Talisman would be a big step,” a Banco Santander analyst says. “There might be assets in the Talisman portfolio that could be of interest, but a full company bid would be a surprising move.”
- Trading in TLM had been halted since ~10:00 ET.
Jul. 22, 2014, 6:35 PM
- Talisman Energy (NYSE:TLM) +13% AH following a Bloomberg report that Repsol (OTCQX:REPYY, OTCPK:REPYF) is exploring a bid for the company as it looks to deploy cash it received for compensation in the loss of its stake in YPF as a way to grow outside of its home Spanish market.
- Repsol is said to have identified TLM as a top target and is working with JPMorgan Chase as it evaluates the deal.
- Repsol has said it may spend as much as $10B on deals, and any acquisition probably would be in the U.S., Canada or other developed markets.
Sep. 17, 2013, 5:05 PM
- In an apparent delayed reaction, companies mentioned as possible takeover targets for Repsol (REPYY.PK, REPYF.PK) as it reportedly looks to make a North American oil acquisition in the $5B-$10B range moved higher today.
- After showing only mild action yesterday, Whiting Petroleum (WLL +3.7%) and Kodiak Oil & Gas (KOG +1.6%) posted strong gains gains; strength in SandRidge Energy (SD +6%) also may have been sparked by Respol speculation, although SD wasn't mentioned in this weekend's WSJ article.
Sep. 16, 2013, 11:45 AM
- Repsol (REPYY.PK -1%) is downgraded to Neutral by Credit Suisse after a WSJ weekend report that the Spanish oil major is ready to spend $5B-$10B for a U.S. or Canadian E&P company.
- Credit Suisse says Repsol is likely to conduct a careful search for the right buyer or buyers for its €4.5B ($5.97B) stake in Gas Natural.
- While the WSJ report is long-term positive for Repsol, in the short term its effect is muted by the need to complete the Gas Natural divestment first, as financing for Spanish corporations remains relatively expensive.
- Shares of potential U.S. targets Kodiak Oil & Gas (KOG +0.8%) and Whiting Petroleum (WLL +0.2%) show slight gains.
Sep. 15, 2013, 7:38 PM
- Repsol (REPYY.PK) is looking to spend $5-$10B on a North American E&P company as the Spanish oil major seeks to gain a foothold in "stable-market" economies after the Argentina debacle imperiled the company's investment-grade rating, WSJ says.
- Companies mentioned in the article as possible targets based on their size and perceived willingness to pursue a deal include Whiting Petroleum (WLL) and Kodiak Oil & Gas (KOG) - those names may get a lift from the article come Monday.
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Industry: Major Integrated Oil & Gas
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