Updated from 3:22 p.m. EDTPulte Homes ( PHM) said Wednesday it will take over Centex ( CTX) in a deal worth $1.3 billion that will create the nation's largest homebuilder. Under the terms of the agreement, Pulte, of Bloomfield Hills, Mich., will exchange 0.975 shares for each share of Centex. That ratio values Dallas-based Centex at $10.50 a share. Including $1.8 billion of debt, the transaction is worth $3.1 billion.
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