Spanish oil company Repsol has completed the acquisition of Canada’s Talisman Energy.

Talisman revealed in December 2014 it had been approached by Repsol with an intention to either acquire some of its assets or to takeover the whole company.

Days later, the two companies entered into a definitive agreement under which Repsol proposed to acquire 100% of the shares of the Canadian company for $8.3 billion, plus assumed debt of $4.7 billion.

Talisman’s shareholders approved the proposed agreement in February 2015 and Repsol later announced that the takeover would become effective in May.

Under the arrangement, a wholly-owned subsidiary of Repsol has acquired all of the outstanding common shares of Talisman at a price of $8.00 per share and all of the outstanding preferred shares of Talisman at a price of CDN $25.1093 (representing CDN $25.00 plus accrued and unpaid dividends) per share.

With the completion of the arrangement, the common shares will be delisted from the Toronto Stock Exchange and the New York Stock Exchange, and the preferred shares will be delisted from the Toronto Stock Exchange.

In addition, Repsol said that new organizational structure has been approved for the company resulting from the integration of Talisman.

Antonio Brufau, Repsol CEO, said: “Our integration with Talisman makes us one of the biggest publically-traded Oil & Gas companies in the world.”

According to Repsol, this new organization reinforces the business units’ capabilities to increase efficiency and create value under the leadership of Chief Executive Officer Josu Jon Imaz, who holds all the executive functions within the company.

Furthermore, three top-level committees are created under the chairmanship of the CEO: The Corporate Executive Committee, The Exploration and Production (E&P) Executive Committee and the Downstream Executive Committee (Refining, Marketing, LPG, Trading and Gas & Power).

Source: www.offshoreenergytoday.com

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