Capricorn Energy has terminated plans to merge with NewMed Energy, cementing a victory for the activist investment company that had campaigned against the deal. The decision comes after the UK company’s directors including its chief executive and chair quit en masse last month following a battle with Palliser Capital, which opposed the deal with the Israeli natural gas group. Capricorn, previously known as Cairn Energy, said in a statement on Wednesday that its board “is mindful of the overwhelming mandate it has been given by shareholders” and that it had “mutually agreed” with NewMed to end their combination agreement.

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