Shell Offers $5 Billion for Enterprise Oil
Associated Press
Royal Dutch/Shell Group has offered $5 billion in cash for British rival Enterprise Oil, which called the price fair and said it would recommend it to its shareholders.
Shell agreed to pay $10.44 a share for Enterprise, valuing the company’s stock at $5 billion. It also would assume debt of $1.15billion.
Enterprise’s U.S.-traded shares surged on the news by nearly 14%, or $3.79, to $27.67, and Shell co-parent Royal Dutch Petroleum Co.’s shares rose 39 cents to $55.48, both on the New York Stock Exchange.
