April 29, 2014 / 1:10 AM / 4 years ago

Australia's Horizon Oil shares down 8 pct after merger proposal

SYDNEY, April 29 (Reuters) - Shares in Australia’s Horizon Oil Ltd fell 8 percent on Tuesday after the firm said it has agreed to merge with peer Roc Oil Company Ltd to form a single, Asia-focused energy company worth A$800 million ($740 million).

Horizon shares last traded at A$0.34 as of 0004 GMT, down 8.1 percent, while Roc shares rose 3.7 percent to A$0.47. (Reporting by Maggie Lu Yueyang; Editing by Paul Tait)

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