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HONOLULU — Sellers say Oracle Corp. billionaire Larry Ellison has closed on his deal to buy most of the Hawaiian island of Lanai.

Billionaire David Murdock’s Castle & Cooke Inc. said Thursday that the deal had been completed for about 88,000 acres on the island near Maui. The land makes up 98 percent of the island’s 141 square miles.

A sale price for the land was not disclosed and the firm declined to give details. The Maui News previously reported Castle & Cooke was asking for $500 million to $600 million for the rural island.

NEW YORK

AOL starts process of buying back stock

NEW YORK — AOL Inc. has started a “Dutch auction” tender offer to buy back up to $400 million of its common stock.

A “Dutch auction” offer allows shareholders to say how many shares they want to tender and at what price within a specified range. Based on that information, the company then determines the lowest price per share within the range that lets it buy the amount of shares that it wants.

AOL stockholders will have the chance to tender some or all of their shares between $27 and $30 per share.

The company’s stock gained $1.09, or 4 percent, to $28.40 in before-market trading Thursday.

UAE

Piracy conference urges public-private solutions

DUBAI — Diplomats and business leaders at a Dubai conference are pushing for stronger partnerships between the public and private sectors in combating piracy off the coast of Somalia.

A statement issued at the end of the two-day counterpiracy event Thursday called for a “comprehensive approach” against pirates that includes national governments, international organizations and the global maritime industry.

It was the second year in a row that Dubai has hosted a counterpiracy conference. Organizers say this year’s event attracted senior government officials from more than 40 countries, along with representatives from United Nations agencies and executives from dozens of maritime industry companies.

From wire dispatches and staff reports