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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery added two cents to $55.93 on the New York Merc, while Brent for February lost $1.20 to $60.01 (all figures in this para U.S.). Western Canadian Select traded at a discount of $16 to WTI ($39.93), up from a discount of $17.40. Natural gas for January lost 10 cents to $3.61. The TSX energy index added 11.21 points to close at 201.37.

Talisman Energy Inc. (TLM) added $2.87 to $8.84 on 273.2 million shares (not a typo). It has accepted a $9.33-per-share cash takeover offer from Spain's Repsol, for a total transaction value (including debt) of about $15-billion. This is a higher offer than expected. Rumours of a takeover have been swirling since the beginning of the month, but they put the bid price at $6 to $8 a share. The offer of $9.33 a share should please shareholders who bought after the beginning of October, but most other shareholders will face a loss. One of Talisman's largest shareholders, for example, is activist investor Carl Icahn, who paid an average of $11.76 (U.S.) for each of his 76 million shares. The deal with Repsol means a loss for him of $286-million (U.S.). Still, it should be noted that Mr. Icahn has two representatives on Talisman's board, which unanimously recommends the deal.

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