CXO - ConocoPhillips Finally Finds a Deal to Its Liking
Over the past few years, ConocoPhillips (NYSE: COP) has repeatedly said that it's not interested in large mergers . That's because big corporate transactions usually require large premiums , which eat into investment returns. Given the oil company's high bar for returns, most merger opportunities haven't made sense.
However, after years of avoiding corporate M&A, ConocoPhillips is back in the game, agreeing to acquire Concho Resources (NYSE: CXO) in an all-stock deal. Despite Conoco paying a premium to buy Concho, this deal checks all the boxes.
Image source: Getty Images.
For further details see:
ConocoPhillips Finally Finds a Deal to Its Liking