Total Chief dismisses Tullow Oil takeover idea [Reuters (UK)]
TULLOW OIL PLC UNSP/ADR (TUWOY)
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Source: Reuters
Total Chief dismisses Tullow Oil takeover idea - Reuters 3 Min Read ABERDEEN, Scotland, Feb 11 (Reuters) - Total Chief Patrick Pouyanne dismissed the idea it might buy its partner in East Africa and Guyana, Tullow Oil, whose share price slumped to 19-year lows in December over a string of bad news, stoking takeover speculation. Total is a partner in all growth markets for Tullow Oil whose market capitalisation shrank to around 633 million pounds as of Wednesday from 3.28 billion pounds in September. It is slashing its workforce and restructuring its portfolio. Amid industry speculation about a potential Tullow takeover target, Pouyanne told Reuters when asked whether Total might buy Tullow: “Stop dreaming... No”. As of late 2019, Tullow was saddled with $2.8 billion in debt, a hangover from the last oil price crash which saw Brent crude futures plummet to below $30 a barrel in 2016. High debts can make buying assets a more attractive option than a corporate sale. Offshore Guyana, Tull
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