The deal includes $2.6 billion in cash and 23.5 million shares of XTO common stock valued at $1.6 billion, or $67.50 per share.
Hunt Petroleum is an 80-year-old private company founded by the late oil tycoon Haroldson Lafayette Hunt Jr. It's 53% owned by the Margaret Hunt Trust Estate and 47% owned by the Haroldson L. Hunt Jr. Trust Estate and run by chairman Tom Hunt, the 84-year-old nephew of H.L. Hunt, and CEO and president John Creecy.
H.L. Hunt's heirs have been fighting over the family trusts over the last few years. After H.L. Hunt's oldest daughter Margaret Hunt Hill died last summer, one of her grandchildren, Albert Galatyn Hill III, sued family members, accusing them of conspiring to plunder the family trusts and defraud the Internal Revenue Service. At the end of last year, the company's assets were put on the block. -
Claire PooleSee full story on
TheDeal.com
