Tullow Oil tumbles as Kosmos walks away
Tullow Oil
20.72p
16:10 17/12/24
-11.07%
-2.58p
Tullow Oil tumbled on Tuesday after Kosmos Energy said it does not plan to make an offer for the oil and gas exploration company.
FTSE All-Share
4,483.88
16:10 17/12/24
n/a
n/a
FTSE Small Cap
6,831.97
16:10 17/12/24
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Oil & Gas Producers
7,686.73
16:09 17/12/24
-1.65%
-128.90
Kosmos did not provide any reasons for its decision, saying simply that it does not intend to make an offer "at this time".
Shares in Tullow surged last week after it confirmed it was in preliminary talks with Kosmos about a potential takeover.
Kosmos had until on 9 January 2025 to either announce a firm intention to make an offer or walk away.
At 1105 GMT, Tullow shares were down 8% at 21.44p.