Premier Oil jumps 24% after announcing a reverse takeover with Chrysaor, forming the largest independent North Sea oil-and-gas producer
with Chrysaor Holdings, together forming the largest London-listed independent oil-and-gas company.
Under the terms of the deal, Premier would own up to 23% of the combined group — of which its shareholders will own about 6% — while Chrysaor would own at least 77%, the companies said in a statement. About $2.7 billion of Premier's total gross debt and"certain hedging liabilities" will be repaid and canceled upon the completion of the deal, according to the statement. Markets Insider
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