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Shell Oil ups hostile offer for Barrett Resources

Shell Oil, a US subsidiary of Anglo-Dutch group Royal Dutch/Shell, has increased its offer for US natural gas and oil exploration and production company Barrett Resources.

Using Lehman Brothers for financial advice, Shell has been stalking the company for some time, and in March made a formal offer worth $2.2bn (€2.4bn). Barrett rejected the offer, and Shell has been actively trying to change its mind. The latest offer is for $60 a share, up from $55 a share.

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