{"id":547238,"date":"2022-06-14T04:20:57","date_gmt":"2022-06-14T04:20:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/tullow-capricorn-merger-could-fall-through-as-investors-voice-concerns\/"},"modified":"2022-06-14T04:20:57","modified_gmt":"2022-06-14T04:20:57","slug":"tullow-capricorn-merger-could-fall-through-as-investors-voice-concerns","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/tullow-capricorn-merger-could-fall-through-as-investors-voice-concerns\/","title":{"rendered":"Tullow-Capricorn merger could fall through as investors voice concerns"},"content":{"rendered":"

Investor concerns call Tullow-Capricorn merger into question:<\/strong> Legal and General Investment Management (LGIM), one of Europe\u2019s biggest asset managers, has voiced its \u201cstrong reservations\u201d about the planned<\/a>GBP<\/a>1.4 bn merger<\/a> between Tullow Oil and Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction. There is \u201cno clear strategic rationale\u201d for the merger, LGIM said in a statement to the Financial Times<\/a>.<\/p>\n

Their primary concerns: A slowed shift from fossil fuels + a worse financial situation for Capricorn: <\/strong>LGIM said it is concerned that the merger would \u201cworsen\u201d Capricorn\u2019s transition away from fossil fuels. The merger would also give indebted Tullow access to Capricorn\u2019s money. \u201cIt looks a better [transaction] for Tullow than it does for Capricorn,\u201d another Capricorn shareholder told the FT.<\/p>\n

Tullow may have to cough up more to get Capricorn shareholders on board: <\/strong>Other investors are also concerned that the transaction terms work in the favor of Tullow\u2019s shareholders, the FT writes. At least 75% of Capricorn\u2019s shareholders need to vote for the acquisition before it goes through, suggesting that the two sides may need to amend the terms of the transaction.<\/p>\n

Why do we care?<\/strong> Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s oil and gas assets in the Western Desert with partner Cheiron last year<\/a> under an agreement worth up to USD 926 mn. Those assets would form the second largest item on the newly merged company\u2019s balance sheet, after Tullow\u2019s flagship Ghanaian oil fields. The new, larger group will be an \u201cimportant supplier of gas in Egypt and Ghana,\u201d the companies said.<\/p>\n

What they said: <\/strong>\u201cWe value the views of all our stakeholders and will continue to engage with them over the coming months\u2026We believe the combination will provide significant near-term value growth from reduced costs, accelerated growth and a regular dividend distribution policy,\u201d Capricorn said in a statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Investor concerns call Tullow-Capricorn merger into question: Legal and General Investment Management (LGIM), one of Europe\u2019s biggest asset managers, has voiced its \u201cstrong reservations\u201d about the plannedGBP1.4 bn merger between Tullow Oil and Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction. There is \u201cno clear strategic rationale\u201d for the merger, LGIM said […]<\/p>\n","protected":false},"author":1,"featured_media":547239,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[598,93,72,7128,91,1992],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-capricorn-energy","tag-energy","tag-enterpriseam","tag-ma-watch","tag-oil-and-gas","tag-tullow-oil","wpautop","entry"],"acf":{"mongo_id":"40e713e8-3637-4816-be52-dfadfcdc4ed1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/oil-rig-1600px.jpg","photo_position":"above","related_issue":[547225],"teaser":"","voice_url":""},"yoast_head":"\nTullow-Capricorn merger could fall through as investors voice concerns - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/tullow-capricorn-merger-could-fall-through-as-investors-voice-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tullow-Capricorn merger could fall through as investors voice concerns\" \/>\n<meta property=\"og:description\" content=\"Investor concerns call Tullow-Capricorn merger into question: Legal and General Investment Management (LGIM), one of Europe\u2019s biggest asset managers, has voiced its \u201cstrong reservations\u201d about the plannedGBP1.4 bn merger between Tullow Oil and Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction. 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Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549203,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/","url_meta":{"origin":547238,"position":1},"title":"Capricorn cuts Egypt production forecasts on rig delays","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan: Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf). Issues bringing two rigs online mean that the company now expects to\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547501,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/23\/capricorn-energy-doesnt-want-a-merger-biden-eyes-petrol-tax-holiday\/","url_meta":{"origin":547238,"position":2},"title":"Capricorn Energy doesn\u2019t want a merger + Biden eyes petrol tax holiday","author":"enterpriseam admin","date":"23 June 2022","format":false,"excerpt":"A second shareholder in Capricorn Energy has come out against the proposed GBP1.4 bn merger with rival producer Tullow Oil, the Financial Times reports, saying there was no benefit in the transaction for Capricorn and that it would slow the company\u2019s transition away from fossil fuels. Hedge fund Kite Lake\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548495,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/capricorn-tullow-saga-a-hard-landing-for-softbank\/","url_meta":{"origin":547238,"position":3},"title":"Capricorn \/ Tullow saga + a hard landing for SoftBank","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Yet another Capricorn shareholder is against the Tullow merger: Palliser Capital UK, one of the biggest shareholders in Capricorn Energy \u2014 with an ownership stake of over 5% \u2014 has asked the company to scrap merger plans with rival producer Tullow Oil, Bloomberg reported, citing a letter by Pallisier\u2019s CIO\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578232,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/","url_meta":{"origin":547238,"position":4},"title":"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. Palliser is the company\u2019s third-largest shareholder and is one of\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":549810,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/02\/is-israel-about-to-acquire-a-piece-of-egypts-oil-and-gas-sector\/","url_meta":{"origin":547238,"position":5},"title":"Is Israel about to acquire a piece of Egypt\u2019s oil and gas sector?","author":"enterpriseam admin","date":"2 October 2022","format":false,"excerpt":"Israel\u2019s NewMed could acquire Egypt oil + gas assets via Capricorn merger: Capricorn Energy has abandoned contested plans to merge with Tullow Oil in favor of an all-share tie-up with Israel\u2019s NewMed, according to a joint statement (pdf) out Thursday. Under the proposed terms, shareholders of NewMed \u2014 formerly Delek\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547238","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547238"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547238\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547239"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547238"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547238"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}