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02.01.2001  | 


Flo P. Stephens, Editor, Departments/International


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Italy's state-run energy conglomerate ENI has outbid a rival suitor for Lasmo, offering $3.97 billion in cash for the British oil-production company. Analysts said the deal would enable ENI to increase production, become a major participant in the liberalized European gas market and expand its power generation capabilities. The arrangement will also allow ENI to establish a foothold in the high-potential Asian gas market and add Venezuela to its Latin American operations. ENI's bid of £2 lbs ($2.95) a share represented a premium of around 12% over a cash and stock offer from Amerada Hess Corp., New York.

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