Genel Energy and New Age in early stages of merger talks
Genel Energy, which is chaired by former BP boss Tony Hayward, today entered merger talks with exploration group New African Global Energy (New Age).
According to Sky News, the two companies are in the early stages of discussing a merger that could be worth £2bn, although sources added the talk was just one of many Genel was currently having with various oil groups.
The set-up of any potential deal is unknown, although one possibility is that Genel could use its shares as partial consideration to acquire New Age, which is privately owned.
Genel is primarily focused on oil production in the Kurdistan region of Iraq at the moment.