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Thursday, February 24, 2011

Brazil's HRT says buys Canada's UNX Energy, (UNX)

Brazilian oil company HRT Participacoes (HRTP3.SA) said on Thursday that it is acquiring Canada's UNX Energy (UNX.V) for 1.3 billion reais ($781 million), according to a filing with the securities regulator CVM. HRT said it would pay for the deal with global depository receipts, or GDSs. Through the deal, the Brazilian upstart oil company wants to expand its exploration and production areas in West Africa, where it sees potential for similar deposits to Brazil's vast, new off-shore oil fields, the statement said. It already holds five exploration blocks along the coast of Namibia.