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Friday, March 1, 2013

Ithaca buys Valiant Petroleum to boost North Sea output, (NYSE: BNS)

Ithaca Energy Inc has agreed to purchase Valiant Petroleum Plc for 203 million pounds ($308.2 million) in cash and stock, in a deal that will enable it to double its 2013 production forecast from oilfields in the North Sea.Valiant shareholders would receive 307 pence in cash and 1.33 Ithaca shares for each Valiant share, Ithaca said in a statement.The offer represents a premium of 37 percent to Valiant's Thursday closing price on the London Stock Exchange. Valiant shares climbed toward the offer price on Friday, while Ithaca's stock fell 10 percent.The deal will be funded by Ithaca's existing cash resources and a bridge credit facility from Banc of America Securities Ltd, BNP Paribas and The Bank of Nova Scotia.

The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS remained unchanged at $59.44. In the past year, the shares have traded as low as $48.45 and as high as $59.60. On average, 403148 shares of BNS exchange hands on a given day and today's volume is recorded at 0.