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AGL Resources buying Nicor in $2.38B deal

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[December 07, 2010]  ATLANTA, Ga. (AP) -- AGL Resources Inc. is buying Nicor Inc. for about $2.38 billion in cash and stock in a deal that would combine two regional natural gas distributors.

HardwareAtlanta-based AGL is paying a premium of about 12 percent for Nicor, which is based outside Chicago in Naperville, Illinois.

The companies said in announcing the deal Tuesday that the combined company will be able to grow faster than either company could have on their own.

Under terms of the deal, Nicor stockholders will receive $21.20 in cash for each Nicor share and 0.8382 shares of AGL.

Based on AGL's Monday closing price of $37.13, the deal has a value of $52.32 per share. Nicor closed Monday at $46.76 a share.

Both companies' boards have approved the transaction, which is expected to close in the second half of 2011.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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