GENEVA (AP) -- Swiss-based commodities giant Glencore Xstrata Plc says it is buying oil exploration firm Caracal Energy for about 800 million pounds ($1.35 billion) in cash.

Glencore says it has reached an agreement to buy all outstanding Caracal shares for 5.50 pounds each, a 61% premium on the Canadian-based firm's stock price Friday.

The two companies announced the deal Monday, a day after Glencore said it was selling its Las Bambas copper mine project in Peru to a Chinese consortium for $5.85 billion in cash.

Caracal is focused on oil and gas exploration in the African country of Chad.

As a result of the Glencore deal, Caracal said it would pay $9.25 million to terminate a planned merger with Calgary-based TransGlobe Energy Corporation.

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