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Investing.com -- APA Corporation (NASDAQ:APA) stock rose 4.5% Thursday after reports emerged that Spanish oil and gas company Repsol SA is considering a reverse merger of its upstream unit with the U.S. energy producer.
According to Bloomberg News, the potential deal, which values Repsol’s upstream business at approximately $19 billion including debt, could provide Repsol with a faster route to listing the unit on the New York Stock Exchange while expanding its portfolio. APA, formerly known as Apache Corp ., has a current market value of roughly $8.6 billion.
According to people familiar with the matter, Repsol has held exploratory discussions with APA and other potential partners about merging its upstream division.
The talks are still in preliminary stages, and there’s no certainty they will result in a transaction. Repsol continues to evaluate various strategic alternatives for its upstream business.
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