Talisman shares halted after reports of Repsol takeover bid

Shares in Talisman energy were briefly halted on the Toronto Stock Exchange Wednesday after reports that Spanish oil conglomerate Repsol SA is considering buying the company.

Calgary company Talisman confirms it has been approached by Spain's Repsol

Canadian oil producer Talisman Energy has confirmed it has been approached by Repsol about 'various transactions.' (Larry MacDougal/Canadian Press)

Shares in Talisman energy were briefly halted on the Toronto Stock Exchange Wednesday after reports that Spanish oil conglomerate Repsol SA is considering buying the company.

Published reports Wednesday suggested that Repsol had hired investment bank JP Morgan to advise it on plan.s to make international purchases. Calgary-based Talisman is considered to be at the top of that list, Bloomberg reported early Wednesday.

IIROC, the regulatory body that oversees the TSX, halted Talisman shares at mid-morning Wednesday, citing "pending news" from the company.

"Talisman acknowledges that it has been approached by Repsol with regards to various transactions," Talisman said in a statement. "There is no assurance that any transaction will be agreed. Until such time as it is appropriate to make a public announcement on any potential transaction, Talisman does not intend to make any further comment on this matter."

The trading halt was lifted after that statement.

Before the halt of trading Wednesday, Talisman shares were up more than seven per cent to $11.33 on the TSX. They gained another 50 cents or so when trading resumed.