Kosmos Energy has announced it is no longer interested in acquiring Tullow Oil.
This brings to an end the speculation of a possible merger following media leaks earlier this month.
The planned all-share merger – first confirmed on December 12, 2024 was in its preliminary stages before due diligence began.
The deal between the two oil and gas firms was expected to significantly boost Africa’s oil production landscape had it materialised.
In a statement dated December 17, 2024, the Board of Tullow Oil expressed confidence in the company’s standalone prospects.
“The Board of Tullow notes the announcement from Kosmos Energy Ltd confirming that it does not intend to make an offer for the Company following an announcement on 12 December 2024 regarding a possible all-share offer by Kosmos for the Company”, the release mentioned.
It noted that ongoing efforts to optimize its capital structure and address outstanding debt maturities.
This follows progress on the Branch Profits Remittance tax arbitration, with a final decision expected imminently.
Tullow reiterated its focus on strengthening its financial position and delivering shareholder value as it moves forward independently.
The withdrawal of the offer comes amid Tullow’s ongoing efforts to strengthen its operational and financial position within the energy sector.
The company remains focused on delivering value to its shareholders and executing its strategic objectives independently despite the recent takeover interest.
