Shell Oil Raises Hostile Bid for Barrett

Shell Oil, a unit of Anglo-Dutch oil giant Royal Dutch/Shell, raised its hostile bid for Barrett Resources Corp. to about $2 billion from $1.8 billion in a move to win control of the company’s valuable natural gas reserves. Shell said it raised its offer, first made in early March, to $60 a share from $55 while extending the tender date to May 9. Barrett, based in Denver, will meet to review the revised bid and make a recommendation, it said, but urged shareholders for the moment not to accept the tender offer from Shell. Barrett shares rose $1.85 to close at $63.75 on the New York Stock Exchange. Its stock has stayed above $60 since Shell’s initial bid, suggesting that investors have been betting on a higher offer.