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Spinnaker Exploration Co

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September 20, 2005 | From Associated Press
Norsk Hydro, an Oslo-based petroleum and aluminum producer, said Monday that it had agreed to buy Houston-based oil and natural gas company Spinnaker Exploration Co. for $2.45 billion to boost its presence and growth potential in the Gulf of Mexico. Norsk Hydro said it would pay $65.50 a share in cash for all outstanding common shares and options of Spinnaker, a 34% premium to the Friday close of $48.75. Spinnaker shares rose $15.40 to $64.15 on Monday after the announcement.
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