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Woodside launches hostile bid

AUSTRALIA’S leading independent oil and gas company, Woodside Petroleum, has launched a $1.2 billion takeover bid for US oil and gas producer Energy Partners. The company made an unsolicited offer to buy Energy Partners Ltd for $883 million to boost its production and presence in the Gulf of Mexico. Woodside currently owns a 4.5 per cent stake in the company. Energy Partners shares rose $US5.90, or 32 per cent, to $US24.30 on the New York Stock Exchange following the news.

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