Talisman Energy confirms it has received various approaches

On Monday afternoon, Talisman Energy confirmed reports which had appeared earlier in the day in the Spanish press that it was engaged in discussions with Repsol regarding a “potential corporate transaction”.

The Canadian oil and gas exploration outfit added it had been approached by a number of other parties regarding “various transactions”.

According to Spanish financial daily Expansion Repsol’s board was meeting on Monday to approve an approach.

Another report from Bloomberg, which cited people familiar with the matter, had indicated Canadian Pension might be mulling a counterbid for the whole company after initially weighing the possibility of scooping up just some of its assets.

Talisman was believed to have been valued at between C$6bn (£3.82bn) and C$8bn.

As of 14:49 shares in Talisman Energy were rising 19.84% to $6.04.