LONDON, April 14 Mining company Glencore Xstrata
said it agreed to buy Chad-focused oil company Caracal
Energy for about 800 million pounds ($1.3 billion), in
a deal which will involve Caracal abandoning a merger with
Canada's TransGlobe Energy.
Glencore's 550 pence per share agreed bid for Caracal
represents a 61 percent premium to Caracal's closing share price
Caracal and Glencore have been partners in an oil field in
Chad since 2012 and Glencore has paid TransGlobe a break-fee of
$9.25 million under the terms of the previous deal.
Shares in Caracal traded up 58 percent after the
announcement on Monday to 543.25 pence.
($1 = 0.5980 British Pounds)
(Reporting by Sarah Young; editing by Paul Sandle)