Student's killer on parole
Charges after investigation
Hostage was on captor 
Regulating power prices
Gen X is raking it in
LeBlanc laying groundwork
US vetoes UN resolution
$100M Nassar settlement
12 Trump jurors picked
Rates slow green economy
Vicinity hires president,
Record housing starts
Warriors ready for Round 2
Kalamalka Bowl cancelled
Rockets live to fight on
Rihanna's parenting ‘hack’
Tarantino scraps film
Munn talks cancer battle
CALGARY - Caracal Energy Inc. (LSE:CRCL) has terminated plans to merge with a Calgary company and reached a friendly deal to be acquired by Glencore Xstrata PLC. (LSE:GLEN), one of the world's largest commodities companies.
Caracal says it has paid a US$9.25-million termination fee to TransGlobe Energy Corp. (TSX:TGL) under their March 15 agreement, which had envisioned creating in independent company focused on Africa.
Instead, Glencore has agreed to pay 5.50 British pounds cash per share of Caracal, which would be delisted from the London Stock Exchange.
The president and CEO of Calgary-based TransGlobe said the company is "extremely disappointed" that it won't be combining with Caracal.
TransGlobe also said it plans to distribute the fee it received from Caracal to shareholders through a special dividend of 10 cents US per share and also to restore plans for a regular dividend equal to five cents US per share.
.gif)
