| | 2008-6-12 http://english.china.com | | | XTO Energy Inc. said Tuesday it is acquiring privately held Hunt Petroleum Corp. for 4.19 billion U.S. dollars.
The Fort Worth-based energy company, which produces oil and natural gas in major middle U.S. states, said the deal includes 2.6 billion dollars in cash and 23.5 million shares of XTO stock.
Hunt company was started by famed Texas wildcatter H.L. Hunt, who was considered one of the wealthiest men in America before his death in 1974.
XTO Chairman and Chief Executive Bob R. Simpson believed that the Hunt family would sell the company before a new administration in 2009 could raise taxes on gains. While the lawyer for great-grandson Albert Hill III vowed to fight the sale, calling the price too low. |
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