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TKAYF - Merger Arbitrage Mondays - A Large Acquisition Ends The Energy Sector Deal Drought
Takeaway.com NV
Merger activity remained steady last week with three new deals announced and two deals closing.
There has not been any significant M&A activity this year in the energy sector with oil prices collapsing due to the COVID-19 pandemic. After choosing to walk away from a bidding war with Occidental (OXY) over Anadarko more than a year back, Chevron (CVX) has now announced an agreement to acquire oil and natural gas producer Noble Energy (NBL) in an all-stock deal worth $13 billion.
Before the deal was announced, Noble Energy was down more than 50% over the