Company News: Apache joins with Shell to buy Fletcher Challenge Energy

Strong oil and gas prices continue to serve as the fuel for various mergers, acquisitions, and new structures.Houston-based Apache Corp. is joining Shell Overseas Holding in the bid by the Royal Dutch/Shell Group to acquire the New Zealand firm Fletcher Challenge Energy Ltd., company officials announced early last week.Meanwhile, in a move to raise cash, reduce corporate debt, and maintain a 10%/year earnings-per-share growth target beyond 2001, CMS Energy Corp., Dearborn, Mich., said earlier this month it will spin off through an initial public offering (IPO) up to 50% of its ownership in its oil and natural gas exploration and production subsidiary, CMS Oil & Gas Co., in the first quart...

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