By Christian Moess Laursen
Shares in Tullow Oil dropped after its larger U.S. rival Kosmos Energy said it won't make an offer for the company.
Dallas-based Kosmos said on Tuesday that it doesn't intend to make a firm offer for its London-listed oil-and-gas peer at this time.
Shares in Tullow fell 11% to 20.84 pence in midday trading in London, widening the year-to-date loss to 47%.
The company said Tuesday that preliminary takeover discussions, which were confirmed last week following media speculation, were at a very early stage and that due diligence for a potential deal had not been carried out.
Tullow's board said it remains confident in the company's prospects as a standalone business. It is well positioned to optimize its capital structure and continues to progress on plans to address its debt, it said.
Tullow expects to report net debt of around $1.4 billion at year-end.
Write to Christian Moess Laursen at christian.moess@wsj.com
(END) Dow Jones Newswires
December 17, 2024 07:20 ET (12:20 GMT)
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