United Energy deal to buy Transmeridian canceled

摘要

New York-Transmeridian Exploration and United Energy said November 18 they have agreed to end a deal under which United would buy a controlling stake in Transmeridi-an. The boards of directors of both United Energy and cash-strapped Transmeridian unanimously approved ending the agreement, the companies said in a statement. The deal between the two companies was initially reached on June 11, with United agreeing to take a 60% stake in Transmeridi-an. The deal was amended on September 22, with the purchase to grow to 85%. While the original deal was set at $215 million, a dollar figure was not included in the September accord, nor in the November 17 statement.