MRO - ConocoPhillips Acquires Marathon Oil In All-Stock Deal At 14.7% Premium: Details | Benzinga
Marathon Oil Corporation (NYSE:MRO) and ConocoPhillips (NYSE:COP) stocks are moving in opposite directions on Wednesday after they disclosed a definitive deal in which ConocoPhillips will acquire Marathon Oil in an all-stock transaction with an enterprise value of $22.5 billion.
As per the agreement, Marathon Oil shareholders will receive 0.2550 ConocoPhillips shares for each share of Marathon Oil they hold.
The acquisition price represents a 14.7% premium to the closing share price of Marathon Oil on May 28, 2024, and a 16.0% premium to the prior 10-day volume-weighted average price.
The acquisition deal is projected to close in the fourth quarter of 2024, subject to the approval of Marathon Oil stockholders and other customary closing conditions.
Synergies: This acquisition is anticipated to add over 2 billion barrels of resource with an ...