Report drives shares up

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Thursday, March 20, 2003 | 9:42 a.m.

HOUSTON -- Shares of El Paso Corp., the largest owner of U.S. natural-gas pipelines, rose to a six-week high after a newspaper said the company is close to settling California lawsuits alleging market manipulation.

The shares rose 80 cents, or 15 percent, to $6.30 this morning. The Houston-based company had lost 88 percent of its market value in the past year.

El Paso has agreed to pay about $1.7 billion to settle the lawsuits and allegations by California utilities, businesses and government entities, the San Francisco Chronicle reported. El Paso spokesman Mel Scott said the company hadn't reached a settlement. He declined to comment further.