Newly listed oil and gas producer Vallares, led by former BP boss Tony Hayward, is set to merge with Genel Energy International.
Two months after its IPO raised $2bn, financier Nathan Rothschild’s Vallares will become Genel Energy following the merger with the largest oil producer in the Kurdistan region of Iraq. The merger will be achieved through an all-share reverse-takeover in which Vallares will issue new shares worth $2.1bn at £10 a share to acquire 100% of Genel, giving Vallares and Genel's owners equal stakes in the combined business. Genel will produce a prospectus in October with the aim of listing its shares on the London Stock Exchange. Vallares shares will be suspended from trading in the meantime....
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