ENI outbids Amerada Hess for Lasmo

Italian oil giant ENI SPA Thursday agreed to pay more than �3.8 billion in cash for UK independent Lasmo PLC, besting a bid made by the US's Amerada Hess Corp. last month by around �300 million. ENI is offering 200 pence in cash for each Lasmo share�equal to �2.69 billion, a 12% premium on Hess's Nov. 6 cash and share offer. The Italian company will also pick up �1.12 billion of Lasmo's debt.

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