Kerr-McGee to acquire Westport in $3.4 billion deal

Oklahoma City-based Kerr-McGee Corp. Apr. 7 reported it will acquire Westport Resources Corp. of Denver in a merger valued at about $3.4 billion, which will consist of about $2.4 billion in equity and Westport's debt of $981 million at yearend 2003. The newly formed company will retain the Kerr-McGee name and will be based in Oklahoma City.Kerr-McGee agreed to offer 0.71 share of common stock for each Westport common share, resulting in an issuance of about 49.4 million new shares to Westport's shareholders. Also, Westport will redeem all of its 6.5% convertible preferred stock at an anticipated redemption price of $25.65/share.In other recent upstream news:Precision Drilling Corp...

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