Noble Buys Rosetta for $2.1 Billion to Gain Texas Shale – Bloomberg Business

Noble Energy Inc. agreed to acquire Rosetta Resources Inc. for $2.1 billion in stock, giving the natural gas and oil producer a position in two of the largest areas of shale production in Texas.Noble will also assume Rosetta’s net debt of $1.8 billion, the companies said in a statement on Monday. The per-share offer is valued at $26.62, a 38 percent premium to the target’s closing price on Friday. The Eagle Ford basin was the most productive U.S. oil field at the end of 2013, according to the latest Energy Department data.The premium for Rosetta is below average for the sector over the past five years, suggesting there are more mergers to come, said Fadel Gheit, a New York-based analyst for Oppenheimer & Co. It’s the largest takeover of a U.S. oil and gas producer announced this year, according to data compiled by Bloomberg.

via Noble Buys Rosetta for $2.1 Billion to Gain Texas Shale – Bloomberg Business.

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