Market applauds Tullow and Capricorn merger plan as the shares move higher
- New £1.4 billion entity will be a leading African oil producer
- Tullow shareholders own 57% and Capricorn 43% in new group
- Plan to pay annual dividend of $60 million
Shares in oil explorer Tullow Oil and (TLW) and Capricorn Energy (CNE) rose 2.3% and 3.1% respectively following the announcement of an agreement for a recommended all-share merger.
If agreed the new London listed ...