COMPANY NEWS: Plains E&P to acquire 3TEC Energy for $432 million

Plains Exploration & Production Co. has inked a deal to acquire 3TEC Energy Corp. for a total of $432 million in cash and stock. As part of the agreement, each 3TEC stockholder will receive $8.50 in cash and 0.85 share of Plains E&P common stock for each share of 3TEC stock held. Both companies are based in Houston.

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