Paulson drops opposition against Callon-Carrizo deal

Nov 18 (Reuters) - Hedge fund Paulson & Co, the third-largest shareholder of Callon Petroleum Co, said on Monday it would not oppose the U.S. shale producer's reduced buyout offer for Carrizo Oil & Gas Inc.

Callon on Thursday cut its offer for rival Carrizo from about $723 million to $1.2 billion in July.

(Reporting by Arundhati Sarkar in Bengaluru; Editing by Anil D'Silva)