Canada's Encana to Buy Texas Oil Company for $7.1 Billion

MONTREAL -- Canadian energy company Encana  (IW 1000/673)  on Monday said it has agreed to buy Texas's Athlon Energy for $7.1 billion, in a bid boost the Calgary-based natural gas producer's shift into oil. Encana would pay $5.93 billion in cash for the company, as well as assume $1.15 billion of Athlon's debt. The proposed price, $58.50 a share, is 25% higher than Athlon's Friday closing price on the New York Stock Exchange of $46.73. read more