London-listed Tullow Oil sees merger with Meren Energy collapse

Talks astir a merger involving Tullow Oil, the London-listed African lipid explorer, and Meren Energy, a Canadian-listed peer, person collapsed.

Sky News has learnt that discussions astir a tie-up were progressing arsenic precocious arsenic this period but are present said to person been terminated.

It was unclear connected Tuesday evening what the crushed was for the abandonment of the negotiations.

Tullow Oil, which has a marketplace valuation of astir £275m, is focused connected West-African producing assets successful Ghana, Gabon and the Ivory Coast.

The institution has seen its banal plunge dramatically since its highest valuation of astir £15bn.

Last December, it saw merger talks involving Kosmos Energy autumn apart.

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Meren Energy, which until precocious was called Africa Oil Corp, is substantially larger than Tullow Oil successful valuation terms.

Listed successful Canada and Sweden, it has a marketplace capitalisation equivalent to astir £980m.

Run by main enforcement Roger Tucker, Meren precocious said it had up to $500m to walk connected acquiring producing assets successful Africa.

A spokesperson for Tullow Oil declined to comment.