Talisman Sale Welcomed as Oil Plunge Mutes Expectations Hal - TopicsExpress

Talisman Sale Welcomed as Oil Plunge Mutes Expectations Hal Kvisle is selling Talisman Energy Inc. (TLM) for 33 percent less than what it was worth when he took over as chief executive officer, and shareholders are relieved. After his more than two years trying to boost profit met with upheaval in oil markets, the $8.3 billion sale to Repsol SA (REP) will mark Kvisle’s legacy. “This is a good exit for him,” said David Neuhauser, who holds Talisman shares in funds he manages at Livermore Partners in Northbrook, Illinois. “It’s not a ‘pat him on the back’ type thing, but in the current environment, it’s a strong deal.” Oil’s plunge to five-year lows undermined Kvisle’s efforts to lower Talisman’s debt and operating costs through asset sales as producers big and small trim spending plans. The offer from Repsol brings an end to his struggle after previous talks with the Spanish producer broke down in August. The risk of a persistent rout as global oil supplies continue to rise means the sale was Talisman’s best option, Kvisle, 62, said. “Talisman’s board firmly believes the transaction with Repsol maximizes value for Talisman shareholders relative to any alternative available to the company,” he told investors on a conference call today. Carl [...] ilinnews/talisman-sale-welcomed-as-oil-plunge-mutes-expectations-25/

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