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CXO - ConocoPhillips reportedly near to acquire Concho Resources
Concho Resources Inc.
Looking to make a big bet on shale in the middle of a major downturn, ConocoPhillips (COP) is in talks to take out Concho Resources (CXO), reports Bloomberg. A deal could come in the next few weeks.Conoco has made little secret that it's been on the hunt for a deal, its CEO this summer citing the low premiums in general now necessary for a takeover, and specifically, Chevron's purchase of Noble Energy (which closed earlier this month).Concho is higher by 9.75% premarket; COP is up 0.6%.