Talisman Energy shareholders approved Spain’s Repsol to take over the Canadian company for an estimated US$8.3 billion.
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Image from Repsol. |
In an overwhelming vote of more than 99% of holders of each class of shares voted in favor for the agreement.
Talisman says that the deal is subject to the granting of a final order by the Court of Queen’s Bench of Alberta, the receipt of required regulatory approvals and the satisfaction or waiver of other customary closing conditions.
Completion of the deal is anticipated in 2Q 2015.
Repsol agreed to buy Talisman for $8.3 billion plus debt, amounting to the largest international deal by a Spanish company in five years in December. At the time of the announcement, Talisman’s shares rose, although they were still 44% down from July, when Respol’s interest was first leaked.
The acquisition in expected to increase Repsol’s output by 76% to 680,000 boe/d. Repsol’s reserves will increase 55% to more than 2.3 billion boe.
The takeover will see Calgary become one of Repsol’s largest corporate centers outside of Spain.
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