WPX Energy (WPX) announced that it expects to receive about $294 million for its international interests subject to the successful consummation of the definitive merger agreement entered into between privately held Pluspetrol Resources Corporation and Apco Oil and Gas International (APAGF).
WPX's international interests include a 69 percent controlling equity interest in Apco Oil and Gas International and additional non-material assets in wholly-owned Northwest Argentina and a 5 percent interest in Apco Argentina.
Apco's board unanimously approved the merger agreement with Pluspetrol subject to shareholder approval. WPX has executed a power of attorney to vote in favor of the adoption of the merger agreement unless the merger agreement is terminated prior to shareholder approval.
Earlier today, Apco Oil and Gas International said it has signed a definitive merger agreement with privately held Pluspetrol Resources Corporation, under which Apco shareholders will receive $14.50 in cash, for each Class A share and ordinary shares they own, in a transaction valued at $427 million.
The share price represents an 18 percent premium to Apco's closing share price of $12.30 on October 1.
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