COMPANY NEWS: Conoco's takeover of Gulf Canada leads latest merger wave

06/04/2001
The tide of consolidations, mergers, and acquisitions continues to ebb and flow within the oil and gas industry. A pair of big mergers tops the list of the latest deals in both the operating and service-supply company sectors:In its strategic push for a quick increase in North American natural gas operations, Conoco Inc., Houston, agreed to buy Gulf Canada Resources Ltd., Calgary, for $4.3 billion cash, or $6.7 billion (Can.), officials said early last week.Pride International Inc., Houston, and Marine Drilling Cos. Inc., Sugar Land, Tex., are to merge through a $2 billion stock swap into a newly formed Delaware firm that will be the third largest offshore drilling contractor, company off...
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