Amerada Hess to purchase Triton Energy for $3.2 billion

Amerada Hess Corporation and Triton Energy Limited today jointly announced that they have entered into a definitive agreement under which Amerada Hess will commence a cash tender offer for all outstanding ordinary shares of Triton at $45.00 per share.

The transaction has a total value of approximately $3.2 billion, including the assumption of approximately $500 million in Triton debt.

The all-cash offer is said to represent a premium of 50% to the closing price of Triton shares on Monday, July 9, 2001, and is 88% of Triton's 52-week high.

According to a statement the transaction has been approved unanimously by the boards of directors of both companies, and the board of directors of Triton has unanimously resolved to recommend that its holders of ordinary shares accept the offer.

Amerada Hess has received an irrevocable commitment from Hicks, Muse, Tate & Furst Incorporated to sell its 38% ownership stake in Triton to Amerada Hess. The transaction is expected to close in the third quarter of 2001.

The transaction is subject to regulatory approvals and other customary conditions.