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Anadarko Petroleum Corp. entered into an agreement to acquire Houston-based Howell Corp. in a cash merger in which Howell's common stockholders are to receive $20.75 per share and holders of Howell's $3.50 convertible preferred stock are to receive $76.15 per share. The value of the acquisition is about $265 million, including Howell's bank debt, which is anticipated to be about $65 million at closing of the acquisition.

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