(Adds transaction detail)
OSLO, Dec 21 (Reuters) - Norway's Aker BP will
buy the oil and gas business of Sweden's Lundin Energy
, forming the second-largest listed petroleum firm on
the Norwegian continental shelf, the two companies said on
Tuesday.
The cash and stock transaction values the acquired assets at
approximately 125 billion Norwegian crowns ($13.9 billion), they
said.
"The proposed combination has strategic, and value accretive
benefits and the combined company will be characterized by
increased scale, world-class quality, and high returns," Aker BP
and Lundin said in a joint statement.
The transaction will be settled through a cash payment of
$2.22 billion and a share consideration of 271.91 million new
shares issued from Aker BP and distributed to the Lundin Energy
AB shareholders.
Aker ASA will own 21.2% of the merged firm, oil
major BP will own 15.9%, while Lundin family company
Nemesia will hold 14.4%.
($1 = 8.9705 Norwegian crowns)
(Reporting by Terje Solsvik, editing by Gwladys Fouche and
Bernadette Baum)