Saudi's Cafani Group, Samos Energy rule out bids for Capricorn Energy (updated)

Genel Energy

11/08/2026 16:25

Adds details and background throughout
Aug 11 (Reuters) - Saudi-based Alamadiyaf al-Masiyyah, a member of the Cafani Group, and private investment firm Samos Energy separately confirmed on Tuesday they do not intend to make an offer for Capricorn Energy CNE.L, clearing the way for rival suitor Genel Energy's agreed takeover of the oil producer.
 
Here are some more details:
Capricorn reiterated its recommendation that shareholders vote in favour of Genel Energy's GENL.L agreed $360 million takeover offer.
Cafani Group had received at least four extensions to the UK's "put up or shut up" deadline since March as it sought to secure funding for a potential all-cash offer for Capricorn.
Cafani Group and Samos Energy did not give a reason for their decision not to proceed with a bid.
Shares of Capricorn, which have soared nearly 38% since Cafani's takeover interest was disclosed, fell as much as 7% on Tuesday after Cafani and Samos withdrew their bids.
Capricorn had earlier received a takeover proposal in July from Samos Energy, valuing the London-listed oil and gas company at £268.8 million ($362.80 million).
Capricorn said it remains focused on delivering Genel Energy's recommended offer, while noting the announcements from Samos Energy and Alamadiyaf al-Masiyyah.
Cafani Group is a privately owned Saudi investment company headquartered in Jeddah.

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 (Reporting by Anushka Chourasia in Bengaluru; Editing by Shailesh Kuber)
 ((Anushka.Chourasia@thomsonreuters.com))