Cornerstone to Buy Propane Partners

Cornerstone Propane Partners, the fifth-largest U.S. propane retailer, agreed to buy closely held Propane Continental Inc. for $110 million to $120 million in stock and debt. Cornerstone sells 250 million gallons of propane annually in 29 states. Overland Park, Kan.-based Propane Continental sells 200 million gallons of propane and other fuels each year, mostly wholesale. The acquisition would make Cornerstone the fourth-largest propane retailer in the U.S. Shares of Watsonville-based Cornerstone rose 13 cents to close a $20.88 on the NYSE.