Plains to buy Nuevo

Houston-based Plains Exploration & Production Co. has agreed to buy Houston-based Nuevo Energy Co. in a stock deal valued at almost $600 million. If completed, Plains will issue about 37.5 million shares to Nuevo shareholders (based on Plains’ $15.89 per share Wednesday closing price), and assume $350 million of debt and convertible securities. The deal is scheduled to close in the 2nd quarter of this year.

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