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Business Briefing / ENERGY

XTO to buy Hunt Petroleum

June 11, 2008|From Times Wire Services

XTO Energy Inc. said it was acquiring privately held Hunt Petroleum Corp. for $4.2 billion in cash and stock in a deal made more attractive by high oil and gas prices.

XTO Energy said the deal included $2.6 billion in cash and 23.5 million shares of XTO stock. The stock portion of the deal is valued at about $1.6 billion, or $67.50 per XTO share.

XTO shares slipped 70 cents to close at $67.02, after rising to a 52-week high of $70.63 earlier in the session.

The sale would mean the end to the independent Hunt company, which was started by famed Texas wildcatter H.L. Hunt, who was considered one of the wealthiest men in America before his death in 1974.

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