Heritage drops Genel takeover

BAGHDAD - UK-listed Heritage Oil announced Monday it was ending merger talks with Turkey's Genel Enerji and accepted an offer by Italy's Eni to purchase its Ugandan assets.

Heritage called off the merger, which would have created the largest player in Iraq's Kurdistan region. Both have major assets in the semi-autonomous north. But the legality of the oil deals signed without Baghdad's consent have kept nearly all production from being exported.