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Nycal tries to swallow firm 8 times its size
Oil and gas concern sets sights on N.Y. Stock Exchange firm
Nycal Corp. of Washington is trying to step into the big leagues by paying $33.5 million for a 35 percent stake in a Boston-based coal company that trades on the New York Stock Exchange.
Nycal is buying that stake from Inoco plc of England for $16 million in cash and the remainder in Nycal stock. Nycal has liquid assets of $6 million, and company officials could not be reached for comment on how they plan to finance the deal.
Graham Lacey, Nycal's chairman, said in a press release he "looked forward to redirecting Gulf's $370 million of …