Wednesday, January 28th2.2°C
24624
24890

Caracal drops plan to acquire TransGlobe Energy following Glencore takeover bid

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.

The Canadian Press


Read more Business News

24153


Recent Trending




Today's Market
S&P TSX14602.88-231.00
S&P CDNX667.30-9.49
DJIA17191.37-195.84
Nasdaq4637.994-43.503
S&P 5002002.16-27.39
CDN Dollar0.7982+0.0003
Gold1286.60-5.10
Oil46.45+0.09
Lumber318.40+2.90
Natural Gas2.87-0.111

 
Okanagan Companies
Pacific Safety0.120.00
Knighthawk0.010.00
QHR Technologies Inc1.47+0.04
Cantex0.0350.00
Anavex Life Sciences0.182+0.002
Metalex Ventures0.035-0.005
Russel Metals23.70-0.63
Copper Mountain Mining1.00-0.05
Colorado Resources0.145-0.01
ReliaBrand Inc0.01+0.0031
Sunrise Resources Ltd0.03-0.025
Mission Ready Services0.21-0.03

 



23967

FEATURED Property
1919532680 Old Meadows Road, Kelowna
2 bedrooms 2 baths
$294,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Service fit makes happy employees

Finding the right employees for the front lines of your company is key to developing a great service attitude within your company. It is just as important as hiring the right accountant, manager, sale...


How to price: workbook approach

In 2008 Self Counsel Press published my book - Pricing Strategies for Small Business. The book is now available in Europe, India, Russia and the United States. The purpose of the book was to make avai...


Ailing Parents: Tax Issues

If your parent has become ill, there can be several tax issues that come into play depending on the nature of their illness, their age and the role that family members are playing. For example, if you...

_



24709




Member of BC Press Council


24975