LONDON, April 14 (Reuters) - 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 on Friday.
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