Business & Finance
Devon Energy Corp. said it has acquired Canada's Anderson Exploration Ltd. in a $3.4 billion deal that will result in the largest oil- and gas-production company in the US. Anderson is based in Calgary, Alberta; Devon in Oklahoma City.
In an all-stock deal valued at $3 billion, Santa Fe International Corp. of Dallas announced it will acquire oil-drilling rival Global Marine Inc. The new company, to be called Global Santa Fe Inc., will be based in Houston.
AES Corp. of Arlington, Va., one of the world's leading independent producers of electric power, took its $1.37 billion proposal for control of Venezuela's CANTV telecommunications company to the National Securities Commission in Caracas. AES, which has key operations in Latin America, already owns a 6.9 percent share in CANTV.
The two senior executives of struggling Marconi PLC quit as the British telecommunications equipmentmaker issued a new earnings warning, its second in two months, and said it would cut 2,000 more jobs. The latest layoffs bring to 10,000 the number of workers dropped from the payroll this year. Two other Marconi executives, one of them its chief executive officer-designate, resigned in late August.