CALGARY (CP) -- First Calgary released a statement Monday saying the Italian-based oil-and-gas company would pay $3.60 in cash per share.
The announcement comes less than a week after First Calgary halted its shares following an unusual 40 per cent spike in price.
First Calgary says the deal is expected to close by year's end and it says the sale has been approved by the company's board of directors as well as Waterford Finance & Investment Ltd., a U.K. firm owning about 18% of First Calgary's shares.
Earlier this year, Waterford led a shareholder revolt that ultimately led to the resignation of Chief Executive Richard Anderson.
Shareholders accused Anderson of bungling a potential sale of the company in 2004 and for the steep decline in its share price that saw stock plunge from $20 to as low as $2.
(c) Canadian Press