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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (2497)6/8/2001 3:28:37 PM
From: Greywolf  Read Replies (1) of 2742
 
Talisman talks with Lundin

Upstream
17:13 GMT

Canadian independent Talisman Energy is understood to be in advanced talks with Lundin Oil about buying a substantial part, or all, of the Swedish company.

Talisman may have pipped US oil company Amerada Hess to a deal. Amerada is understood to have been negotiating with Lundin until recently.

Banking sources suggest Talisman boss Jim Buckee may have put together a deal that will value Lundin at around $3 a share, although there has been no confirmation of this. Rumours suggest Amerada's talks may have been about a price closer to $2.

Lundin Oil said last month it was in talks about selling part of the company. In an official release, it said it was "evaluating financing alternatives for the development of its extensive oil and gas reserves" and that the company "has had discussions with other companies in the oil sector regarding a possible corporate acquisition of the company combined with a spin-off of certain assets".

Lundin Oil has interests in Sudan, where Talisman is a big player, Libya, Malaysia, Vietnam and the North Sea. Average daily production is more than 13,000 barrels of oil equivalent -- a figure that with added assets could grow substantially over the next five years. The company is listed on the Stockholm Stock Exchange and on the Nasdaq.

- Given the valuation of Lundin the deal must be structured for only a smaller part of the reserves and or other factors as $2 or $3 or even twice that is cheap.. More to come one assumes.
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