Tullow Slumps on Report of Failed Merger Talks With Meren (1)

Tullow Oil Plc slumped after Sky News reported that the company made a failed attempt to merge with Canada’s Meren Energy Inc.

Shares of the Africa-focused oil explorer plunged as much as 22%, the biggest drop since 2020, causing a brief suspension in trading. They were down 19% at 17.3 pence as of 10:18 a.m. in London.

The price gyrations were the latest event in a tumultuous period for Tullow, which became one of the UK’s hottest independent oil explorers after making several significant African oil discoveries in the late 2000s. But the company struggled with the heavy load of debt taken on to develop ...