Mining company Glencore Xstrata said it agreed to purchase Chad-focused oil company Caracal Energy for about 800 million pounds ($1.3 billion), in a deal which will involve Caracal abandoning a merger with Canada's TransGlobe Energy. Glencore's 550 pence per share agreed bid for Caracal represents a 61 percent premium to Caracal's closing share price on Friday.Caracal and Glencore have been partners in an oil field in Chad since 2012 and Glencore has paid TransGlobe a break-fee of $9.25 million under the terms of the previous deal.Shares in Caracal traded up 58 percent after the announcement on Monday to 543.25 pence.($1 = 0.5980 British Pounds)
TransGlobe Energy Corporation (TransGlobe) is an independent international upstream oil and gas company. Shares of TGA fell by 2.05% or $-0.15/share to $7.16. In the past year, the shares have traded as low as $5.52 and as high as $9.66. On average, 149089 shares of TGA exchange hands on a given day and today's volume is recorded at 53108.
TransGlobe Energy Corporation (TransGlobe) is an independent international upstream oil and gas company. Shares of TGL fell by 1.38% or $-0.11/share to $7.89. In the past year, the shares have traded as low as $5.82 and as high as $10.09. On average, 297084 shares of TGL.TO exchange hands on a given day and today's volume is recorded at 165585.
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