Amerada Hess to acquire LASMO plc

Published November 9th, 2000 - 02:00 GMT

Amerada Hess Corp. has reached agreement with LASMO plc (LSE: LSMR) on the terms of a cash and share offer, unanimously recommended by LASMO's Board, for the entire issued share capital of LASMO plc at an aggregate purchase price of approximately $3.5 billion.  

 

Amerada Hess will issue approximately 17.1 million shares of its Common Stock and pay approximately $2.4 billion in cash to consummate the transaction.  

 

The transaction also includes the assumption of $1.6 billion of LASMO's gross debt.  

The transaction is subject to acceptance of the offer by not less than 90 percent of LASMO's shares and other customary conditions.  

 

The cash consideration under the offer will be financed from existing cash resources and a bank facility arranged with Goldman Sachs International.  

(oilonline)  

© 2000 Mena Report (www.menareport.com)

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