GENEVA (AP) — Swiss-based commodities giant Glencore Xstrata Plc says it is buying oil exploration firm Caracal Energy Inc. for about 800 million pounds ($1.35 billion) in cash.

Glencore says it has reached an agreement to buy all outstanding Caracal shares for 5.50 pounds each, a 61 percent premium on the Canadian-based firm’s stock price Friday.

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