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Paulson’s hedge fund calls on Callon to drop merger, sell itself

(Reuters) – Billionaire investor John Paulson’s hedge fund on Monday urged Callon Petroleum Co (CPE.N) to drop its proposed $3.2 billion acquisition of Carrizo Oil & Gas Inc (CRZO.O), and instead consider selling itself. Paulson & Co funds, which hold about a 9.5% stake in Callon, said in a letter to the company’s board that adding Carrizo’s “inferior Eagle Ford assets will permanently reduce the attractiveness of Callon to potential acquirers.”

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