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Antonio Brufau, Repsol's Chairman

Spanish company Repsol SA is considering a bid for Calgary-based Talisman Energy.

Repsol identified Talisman as a top acquisition target and is working with investment bank JPMorgan Chase, according to reports.

U.S. listed shares of Talisman closed at $9.85 Tuesday and opened at $10.76 Wednesday.

Repsol reported first-quarter net income of US$1.087 billion (€807 million), up 23 percent from the same period in 2013, and an EBITDA of US$1.59 billion (€1.1777 billion).