Glencore completes acquisition of Caracal

Torys acted as counsel to Glencore with a team that included John Emanoilidis, Jamie Scarlett, Thomas Yeo, Konata Lake, Mike Pedlow, Rory McGillis and Miranda Callaghan (corporate/M&A), Andrew Gray and David Wood (plan of arrangement), Tom Zverina (lending), Jerald Wortsman (tax) and Lynne Lacoursière (employment).

On July 8, 2014, Glencore Xstrata plc (Glencore) completed its previously announced acquisition of Caracal Energy Inc. (Caracal), through a wholly owned subsidiary by way of a plan of arrangement, for an all cash consideration of £5.50 (US$9.20) per common share.

As a result of this arrangement, announced April 14, 2014, Caracal terminated a prior agreement to merge with Calgary-based TransGlobe Energy Corporation (TransGlobe), for which Caracal paid a termination fee of US$9.25 million as required under the terms of the merger agreement, signed on March 15, 2014.

Caracal is an international exploration and development company focused on oil and gas exploration, development and production activities in the Republic of Chad, Africa.

Glencore is one of the world's largest global diversified natural resource companies.

Further information can be found on the Canada Newswire and StockMarketWire websites.