Israel’s NewMed Energy and UK-based Egypt-focused independent Capricorn on 15 February announced that they had terminated a potential ‘merger’ deal which would have effectively see NewMed pay $620mn for the smaller firm.

Following a Capricorn shareholder revolt that saw the CEO and most of the board ousted (MEES, 3 February), Capricorn’s new management says that the pair “have mutually agreed that the business combination agreement… be terminated with immediate effect.” (CONTINUED - 70 WORDS)