Pure Resources Soars on Unocal Offer

Updated from 11:59 a.m. EDT

Unocal(UCL Quote) offered about $400 million in stock to buy the remaining shares of oil and natural gas producer Pure Resources(PRS Quote) from its stockholders. Unocal already owns 65% of the company's shares.

Unocal will offer stock worth about $22.25 share, or about 12 million new shares, to Pure Resources' holders, to complete the transaction.

Pure Resources' management and board will meet this week to consider the offer, according to a press release, and make a recommendation to shareholders by Sept. 19. ...