The pair revealed they had entered anagreement to exchange shares and create, what they claim, will be oneof the largest Africa-focused oil producers with a combined marketcapitalisation of about US$1.8 billion.
Under the terms of the proposed merger,each TransGlobe shareholder would receive1.23 new common shares of Caracal in exchange for each TransGlobecommon share held.
As a result it is expected Caracalshareholders will hold roughly 65.6%
