Tuesday, July 28th16.9°C
27107
26306

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




Recent Trending




Today's Market
S&P TSX14001.37-184.87
S&P CDNX581.71-10.78
DJIA17440.59-127.94
Nasdaq5039.78-48.85
S&P 5002067.64-12.01
CDN Dollar0.7689+0.002
Gold1093.90+8.30
Oil47.89+0.04
Lumber258.10+0.40
Natural Gas2.815+0.026

 
Okanagan Companies
Pacific Safety0.18-0.01
Knighthawk0.010.00
QHR Technologies Inc1.36-0.04
Cantex0.05+0.00
Anavex Life Sciences0.91+0.13
Metalex Ventures0.06-0.01
Russel Metals19.45-1.73
Copper Mountain Mining0.80-0.03
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.01
Mission Ready Services0.15+0.00
Decisive Dividend Corp2.70-0.05

 





FEATURED Property
2346959212 Maple Street, Fauquier, BC (South of Burton)
3 bedrooms 2 baths
$260,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





27114


Member of BC Press Council


24843