Reuters

MEXICO CITY
EnergiesNet.com 12 18 2024

 Talos Energy (TALO.N), said on Tuesday it would terminate its so-called poison pill after it reached an agreement with Mexican billionaire Carlos Slim’s investment firm that it would not exceed a threshold of 25% ownership in the oil and gas firm.

In October, the company had adopted the shareholders rights plan after Slim’s Control Empresarial De Capitales accumulated 24% of Talos’ common stock.

Poison pill, or shareholders rights plan, is often used by corporates to thwart hostile takeover bids.

Talos said on Tuesday it has entered into an agreement with Slim’s firm that through Dec. 16, 2025 it would not acquire additional shares of Talos common stock, which would cause the investor group’s holdings to exceed 25%.

Separately, Houston, Texas-based Talos said it would sell an additional 30.1% interest in its Mexico unit to Zamajal — owned 90% by Grupo Carso and 10% by Control Empresarial, both of which are backed by Carlos Slim.

Last year, the unit of Grupo Carso had purchased a 49.9% stake in Talos Mexico.

After the deal closes, Talos Energy will own 20% in Talos Mexico, while the rest will be held by Zamajal.

Talos Energy will receive $49.7 million in cash, with an additional $33 million due upon first commercial production from the Zama Field.

The Mexican subsidiary of Talos Energy, which discovered the Zama Field in 2017, controls 17.4% of the potentially lucrative deposit in Mexican territorial waters in the Gulf of Mexico.

reutyers.com 12 17 2024