New Delhi: In largest ever acquisition, Linn Energy LLC, US oil and gas producer, will buy Berry Petroleum Co for USD 2.5 billion in stock, a news wire has reported.
Linn's shares rose 4 percent to USD 38.52 in early trading. Berry's stock rose 18 percent to USD 45.76, the second-highest percentage gainer on the New York Stock Exchange.
Houston-based Linn has made a series of acquisitions in the past two years in pursuit of output growth. Chief Executive Mark Ellis told Reuters last March that the company would spend up to USD 2 billion a year on deals.
With Agency Inputs