Plains Exploration wraps acquisition of Pogo Producing

By Laura Lutz

Des Moines, Nov 6 - Plains Exploration & Production Co. Inc. closed its acquisition of Pogo Producing Co. on Tuesday, according to a news release.

Plains said it received approval from the stockholders of both companies.

Pogo shareholders will receive $58.48 for each Pogo share, payable in cash, shares of Plains or a combination of cash and shares.

That price is based on the average closing sales price of Plains stock over the 10 trading days ended on the fifth day before the merger.

In total, Plains will issue about 40 million shares and pay about $1.5 billion in cash.

Plains is an oil and gas company based in Houston. Pogo is a Houston-based natural gas production and exploration company.

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