Glencore Xstrata buys Caracal for $1.35 billion

Bloomberg reported that Glencore Xstrata (LSE:GLEN) has purchased Caracal Energy Inc. (LSE:CRCL) for roughly $1.35 billion. Glencore hopes to gain oil and gas assets in central Africa, as Caracal is focused in Chad.

As quoted in the publication:

The offer of 550 pence ($9.20) a share is a 61 percent premium to the closing price of Caracal shares on April 11, Baar, Switzerland-based Glencore said today in a statement. Caracal sharessurged as much as 60 percent in London trading to 547 pence, the highest on record.

Click here to read the full Bloomberg article.