UPDATE 1-Repsol finalising takeover bid for Talisman - source
* Repsol executives in Calgary for bid talks - source
* Offer could value Talisman at up to $8 billion - FT
* Talisman shares up 34 percent (Adds advisor, possible timing and background)
By Jose Elías Rodríguez and Carlos Ruano
MADRID, Dec 12 (Reuters) - Spanish oil major Repsol SA is finalising an offer for Canada's Talisman Energy Inc and has sent executives to Calgary to step up talks, a source with knowledge of the matter said on Friday.
Repsol, keen to take advantage of lower U.S. shale valuations in the face of falling oil prices, said in November it had $10 billion or more available to buy oil and gas targets in OECD countries that offer a 7 or 8 percent investment return.
"Repsol executives are in Canada but no offer has yet been made," the source said on condition of anonymity, adding the executives were from the corporate and legal departments.
The potential bid could be in a range between $6 and $8 per Talisman share, the Financial Times said, valuing the stock at a premium of up to 118 percent to its closing price on Thursday and putting a price of as much as $8 billion on the company as a whole. Continued...