Talisman shares climb on report of Chinese interest
Talisman 3-month TSX chart
Talisman Energy Inc. gained more than six per cent on Monday amid reports a Chinese oil company may be poised to buy some of its assets or make a takeover bid.
Shares of Talisman rose $1.51 on the TSX to close at $24.70.
In its Monday edition, Hong Kong's South China Morning Post said CNOOC Ltd., one of China's biggest oil firms, was eyeing a possible asset deal that could eventually turn into a takeover. The newspaper cited unidentified sources in its report.
Talisman said it does not comment on rumours, although the company had previously signalled it is preparing to unload some of its assets.
On May 21, Talisman said it could raise up to $2 billion through the sales of its non-core assets in the Netherlands, Denmark and Trinidad and Tobago by the end of 2009. The sale of those assets would cut Talisman's production by up to 45,000 barrels of oil equivalent per day.
Talisman's CEO, John Manzoni, said the company would get out of those assets as they "do not have visible growth in the future."
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