Hedge fund Paulson opposes Callon-Carrizo $3.2 bln deal

Sept 9 (Reuters) - Paulson & Co. Inc on Monday opposed Callon Petroleum Co's CPE.N proposed $3.2 billion acquisiton of Carrizo Oil & Gas Inc CRZO.O, and urged the company to instead consider selling itself.

Paulson, which has a 9.5% stake in Callon, in a letter to the company's board said adding Carrizo's "inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers".

Callon Petroleum offered to buy Carrizo in July in an all-stock deal.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli)

((Arundhati.Sarkar@thomsonreuters.com; +1 646 223 8780 Ext: 1524; Reuters Messaging: arundhati.sarkar.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.