Roth Capital notes that Bloomberg is reporting that Repsol (REPYY) is considering a reverse merger of its upstream unit with potential partners, including APA Corp. (APA). While the firm says it is hard to evaluate such a possible combination without more details, it thinks APA shares “may get more of a bid in the near-term until there is more clarity on the situation.” The firm keeps a Neutral rating and $23 price target on APA shares, which are up nearly 7% to $25.45 in late morning trading.
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