Billionaire investor Wilbur Ross increased his stake in Exco Resources Inc (XCO.N) to 12 percent, just days after the oil and gas producer said it had an agreement prohibiting Ross from making an offer to acquire control of the company. Ross's investment group, WL Ross & Co, held a 12 percent stake in the Dallas-based company as of Aug. 4, according to a filing with the U.S. Securities and Exchange Commission. On July 27, Exco said it had entered into a standstill agreement with Ross, its second-largest shareholder, prohibiting him from owning more than 20 percent of its outstanding shares or making an offer for control of the company. Ross held a 9.8 stake as of a February regulatory filing.
EXCO Resources, Inc.(EXCO) is an independent oil and natural gas company engaged in the exploration, exploitation, development and production of onshore North American oil and natural gas properties. Shares of XCO fell by 3.32% or $-0.46/share to $13.40. In the past year, the shares have traded as low as $13.25 and as high as $21.04. On average, 3491800 shares of XCO exchange hands on a given day and today's volume is recorded at 7516.
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