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Talisman Energy Inc. (TLM)

- NYSE
  • Wed, Feb. 18, 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%.
    | 2 Comments
  • 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.
    | 6 Comments
  • 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
    | 28 Comments
  • 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.
    | 4 Comments
  • 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.
    | 4 Comments
  • 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.
    | 4 Comments
  • 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.
    | 19 Comments
  • Dec. 11, 2014, 11:41 AM
    • Talisman Energy’s (TLM +5.4%) stock has plunged 65% this year and is worth just a quarter of its value from 2011, and a Bloomberg report says a company sale at depressed prices may be more worthwhile than waiting out the rout in oil.
    • Repsol looked at TLM earlier this year and is sniffing around again after plunging crude prices drove shares below C$5 for the first time in 14 years, and TLM says it has also talked with other parties; Bloomberg speculates suitors could offer C$8/share.
    • “We’re getting to a level where a transaction makes more sense from a valuation perspective, from a buyer’s standpoint,” Macquarie's Chris Feltin says.
    • Not all shareholders are likely to support a sale with oil at a five-year low: In particular, Carl Icahn - who disclosed a stake in TLM when shares traded at ~C$13 - may argue for holding out for a better price.
    | 9 Comments
  • 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.
    | 29 Comments
  • 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.
    | Comment!
  • 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.
    | 3 Comments
  • 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.
    | 9 Comments
  • May 5, 2014, 5:42 PM
    • Talisman Energy (TLM) and Statoil (STO) are considering selling their joint venture in the Eagle Ford basin, which could fetch more than $4B, Bloomberg reports.
    • TLM is said to have solicited offers last year for its 50% interest in the JV and couldn’t find a buyer in part because STO wasn’t ready to exit.
    • The report speculates that a sale could draw interest from large exploration companies such as Encana (ECA), Murphy Oil (MUR) and Devon Energy (DVN) that want to acquire more oil-producing properties.
    | 8 Comments
  • Nov. 8, 2013, 7:44 AM
    • Talisman Energy (TLM) agrees to sell a stake in some of its natural gas assets in British Columbia's Montney field to Malaysia's Progress Energy for C$1.5B ($1.44B).
    • TLM will part with 75% (~127K net acres) of its Montney position in the Farrell Creek and Cypress areas of B.C., which produce ~11K boe/day; TLM will retain its Groundbirch and Saturn holdings, spanning 48K acres in Montney.
    • The sale is a part of TLM's plan to raise $2B-$3B from asset sales this year and will help the company focus on its Edson-Duvernay assets.
    | Comment!
  • Jun. 18, 2013, 2:55 AM
    Talisman Energy (TLM) has reportedly approached potential buyers, including private-equity firms, for its shale assets in the Eagle Ford basin in south Texas with a view to raising $2B. The speculation could come as a bit of a surprise, because while Talisman has said it is looking to offload non-core assets, its Eagle Ford interest is seen as core.
    | Comment!
  • Jan. 11, 2013, 11:56 AM
    A sale is becoming Talisman Energy’s (TLM +0.8%) best bet, according to Bloomberg, after a two-year 48% plunge in shares leaves TLM's value at a lower multiple of EBITDA than 92% of North American explorers and producers of its size. Assets spanning from western Canada’s gas-rich Montney Shale to Southeast Asia are still worth C$26/share, Canaccord calculates.
    | Comment!
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Company Description
Talisman Energy Inc is an oil and gas Company. Its main business activities include exploration, development, production, transportation and marketing of crude oil, natural gas and natural gas liquids.
Country: Canada