Genel Energy Eyes Q4 Completion of Capricorn Energy Takeover

04:13 AM EDT, 10/02/2026 (MT Newswires) -- Oil producer Genel Energy (GENL.L) expects the scheme of arrangement for its planned takeover of Capricorn Energy (CNE.L) to take effect in the fourth quarter, according to a Friday filing. The update follows the satisfaction of the Egyptian merger condition, with the parties now working on satisfying the remaining outstanding clearance from the Egyptian government. Capricorn also confirmed that Genel's sweetened bid does not require further meetings after shareholders approved the initial proposal in August. On Sept. 25, Genel, through its Genel Energy No.9 unit, disclosed an increased offer of $5.74 for each Capricorn share, comprising $4.75 in cash and a special dividend of $0.99. The offer values the target asset at $436 million.