WL Ross & Company has raised its stake in oil and gas producer Exco Resources to 12%, Reuters reports. The investment group, owned by billionaire Wilbur Ross, has also received approval from the U.S. Securities and Exchange Commission for the same. On July 27, Exco reached a standstill agreement with Ross, its second-largest shareholder. The contract prohibits him from owning over 20% of Excor’s outstanding shares or making an offer to control the company.

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