ConocoPhillips Acquires Marathon Oil In All-Stock Deal At 14.7% Premium: Details
- Acquisition Deal: ConocoPhillips is set to acquire Marathon Oil in an all-stock transaction worth $22.5 billion, with Marathon Oil shareholders receiving 0.2550 ConocoPhillips shares for each share they hold.
- Premium Offer: The acquisition price represents a 14.7% premium to Marathon Oil's closing share price on May 28, 2024, and a 16.0% premium to the prior 10-day volume-weighted average price.
- Synergies and Benefits: The deal is expected to add over 2 billion barrels of resource to ConocoPhillips' portfolio with cost synergies and increased dividends and share buybacks.
- Closure and Approval: The acquisition is projected to close in the fourth quarter of 2024, pending approval from Marathon Oil stockholders and other customary closing conditions.
- Market Response: ConocoPhillips' stock is down 2.80% while Marathon Oil's stock is up 8.32% premarket following the announcement of the acquisition deal.
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