Amerada Hess Will Buy Britain’s Lasmo

Amerada Hess Corp. agreed to pay $3.48 billion for Britain’s Lasmo, reaching overseas to build its oil business and making it a top exploration and production company outside of so-called majors such as Exxon Mobil Corp. The acquisition will allow New York-based Hess to quickly build its oil production in the United Kingdom, Indonesia, Venezuela and North Africa, marking the biggest step so far in a five-year strategy to expand its exploration and production business while cutting back on oil refining and marketing. Hess also will assume about $867 million in debt in the deal. Hess fell $2.44 to close at $60.38 on the NYSE.