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BUENOS AIRES, Oct 3 (Reuters) - Privately held Pluspetrol Resources Corp has agreed to buy Apco Oil and Gas International Inc for 7 million, the companies said on Friday, sending Apco shares jumping as much as 18 percent.
Under the terms of the agreement, Apco shareholders would receive .50 per share, representing a 14.7 percent premium to Apco's closing price of .64 on Oct. Apco's leap on Friday was its biggest one-day gain in 10 months.
The current wastewater treatment plant in south Norman is outdated and can’t handle the amount of sewage the city needs it to, among other problems like aging equipment and an unpleasant odor.
WPX Energy Inc, which owns a 69 percent controlling interest in Apco, supports the deal, Apco said in a statement.
The stock rose 14.2 percent to .44 at midday after hitting a high of .90 earlier in the session.
The Founding of the Company in 1960 The roots of Grant Prideco reach back to 1960 when engineer Charles Grant founded Grant Supply Company in Tulsa, Oklahoma.
Initially the company served as a distributor of pipe, valves, and fittings to oil refineries and petrochemical companies.
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