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Inpex, Teikoku rise on merger plan
YOUR E-MAIL ALERTS(CNN) -- Shares in Japanese oil companies Inpex Corp. and Teikoku Oil are surging on Monday after they announced Saturday that they will integrate their operations under a joint holding company next April. Inpex, which is Japan's largest oil developer, is up 5.8 percent to 866,000 yen near midday Monday. Third-ranked Teikoku Oil is up about 6 percent to 1245 yen. Inpex produces 330,000 crude oil equivalent barrels of oil and natural gas a day. Teikoku Oil's overseas daily production is 45,000 barrels. The two said they would move to a full merger in June 2008. The joint holding company, Inpex Holdings Inc., will be established on April 3 and capitalized at 30 billion yen through a stock transfer, the two companies said, Kyodo news agency reported. When the stock transfer takes place, 18 Inpex shares will be worth 125 Teikoku Oil shares, they said.
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