SM - ConocoPhillips Receives Second FTC Request on Merger Deal | Benzinga
ConocoPhillips (NYSE: COP), a U.S.-based exploration and production player, has received a second request from the U.S. Federal Trade Commission ("FTC") for further information on its proposed merger with Marathon Oil Corporation (NYSE: MRO). ConocoPhillips had announced the acquisition in May 2024 in an all-stock transaction worth $22.5 billion. Per COP's statement, both companies received the FTC request and are jointly working with the regulatory body to review the details of the proposed merger.
Marathon shareholders would receive 0.255 shares of ConocoPhillips, for each share of Marathon Oil common stock. The merger is anticipated to create a combined entity with a production capacity of 2.26 million barrels of oil and gas per day. Furthermore, ...