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OMV Buys $866M Pioneer Tunisian Assets

OMV will acquire the Tunisian exploration and production units of Pioneer Natural Resources.

OMV will acquire the Tunisian exploration and production units of Pioneer Natural Resources, Financial Times reports. The Austrian oil and gas group will pay around $866 million for the Texas-based company’s Tunisian assets.

The Vienna-based group, which seeks to fund the purchase with existing cash and credit lines, may also sell new shares to finance recent takeovers. The transaction is expected to be completed in the first quarter of 2011.

Click here for the story from Financial Times.

Click here for additional coverage from Bloomberg.

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