Premier Oil said on Tuesday it has reached an all-share merger deal with oil exploration and production company Chrysaor that will result in a cash payment of $1.23 billion to creditors of the debt-saddled British firm.
Premier Oil shareholders are expected to own up to 5.45% of the combined group, the company said, with Chrysaor’s largest shareholder Harbour Energy seen holding 39.02%.
Source: Reuters
