US Markets

Hedge fund Paulson opposes Callon-Carrizo $3.2 bln deal

Paulson & Co. Inc on Monday opposed Callon Petroleum Co's proposed $3.2 billion acquisiton of Carrizo Oil & Gas Inc, and urged the company to instead consider selling itself.

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))

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