Oil giant Royal Dutch/Shell Group announced plans today to acquire US gas producer Barrett Resources Corp for $2.2 billion, including $400 million in debt.
Shell said the $55 per share bid, which is at a 24 per cent premium to Barrett's share price close on February 28th, did not yet have the approval of the US company's board.
The Anglo-Dutch company said the acquisition would give it an immediate presence in the Rocky Mountain region, the second biggest natural gas basin in the United States.