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The chief executive of Africa-focused Tullow Oil has ruled out a takeover of the company, saying the involvement of several African governments in its projects would make it too complicated to buy.
The oil industry, hit by a collapse in crude prices on the back of a global supply glut, is ripe for takeover deals as cash-rich players target smaller firms, a reality highlighted by Shell’s $70 billion (Sh6.58 trillion) move for BG.
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