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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Biotech Jim who wrote (63650)	4/3/2000 8:22:00 AM
From: Taylor Mill	Read Replies (1) \| Respond to of 95453

Anadarko to Merge With Union Pacific Resources Group The New Anadarko Will Have Broader Growth Portfolio And More Financial Strength HOUSTON and FORT WORTH, Texas, April 3 /PRNewswire/ -- Anadarko Petroleum Corporation (NYSE: APC - news) and Union Pacific Resources Group Inc. (NYSE: UPR - news) today announced a merger that will create one of the largest independent exploration and production companies in the world in terms of 1999 reserves, production and drilling activity. The combined company will be called Anadarko Petroleum Corporation and will be headquartered in Houston. Under the agreement, which was unanimously approved by each company's board of directors, UPR shareholders will receive 0.4550 Anadarko common shares for each UPR common share they own. As a result, Anadarko shareholders will hold approximately 53 percent of the combined company and UPR shareholders approximately 47 percent. Based on the Anadarko closing price of 38.6875 on March 31, 2000, the combined company will have about 243 million shares outstanding and a market capitalization over $9 billion. Based on this closing price, the transaction has an implied value to UPR shareholders of $17.60 per share, representing a 21% premium to UPR's closing price on Friday, March 31, 2000. The stock-for-stock deal is subject to approval by shareholders of both UPR and Anadarko and customary regulatory approval. Following the merger, UPR will be a wholly owned subsidiary of Anadarko. etc etc