The board had recommended shareholdersaccept the offer last month but on Monday revealed it had reversedits decision.
The pair had entered intoa bid implementation agreement inDecember last year asthe they looked to complete a friendly merger of the two companies.
However,on Monday Jacka revealed it had terminated the agreement afterconditions had not been met in relation to Galp’s farm-in toTangiers’ Moroccan permits by a 1 February deadline.
Underthe
