ST. HELIER, England, July 20 (UPI) -- Addax Petroleum Corp. is paying $1.42 billion to buy Pan-Ocean Energy Corp. Ltd., which is based in Jersey, one of England's Channel Islands.
Pan-Ocean's chief asset is light-oil production in Gabon, the company said Thursday.
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The all-cash deal, which marks a 26-percent premium to Pan-Ocean's closing share price before news of takeover talks became public, is subject to a majority of Pan-Ocean shareholders.