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Repsol takeover on track as Talisman shareholders approve bid

Talisman Energy has received shareholder approval for its acquisition by Spanish company Repsol.

The firm said holders of its common shares and preferred shares have approved the proposed arrangement, under which Repsol will purchase all of the outstanding shares of Talisman.

A spokesman said of more than 99% of shareholders of each class of shares voted in favour of the agreement at a specially held meeting.

The completion of the arrangement remains subject to the granting of a final order by the Court of Queen’s Bench of Alberta.

It is anticipated that the transaction will be finalised in the second quarter of 2015 and all regulatory approvals are on track.

Earlier this month Talisman insisted the Spanish takeover of Talisman Energy and its 50% stake in a struggling UK joint venture is “on track” to complete during the first half of 2015.

The company insisted yesterday the £5.3billion deal struck with Spain’s Repsol in December was unaffected by hefty losses in the North Sea as oil prices nose-dived last year.

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