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Billion-dollar acquisition of Houston-based energy co. called off

Olivia Pulsinelli
Billion-dollar acquisition of Houston-based energy co. called off

Houston-based Penn Virginia Corp. (Nasdaq: PVAC) and Plano, Texas-based Denbury Resources Inc. (NYSE: DNR) have mutually agreed to terminate an acquisition announced in late October. Denbury had planned to acquire Penn Virginia in a cash-and-stock deal that was valued at $1.7 billion, including the assumption of debt, as of Oct. 26, 2018.