ConocoPhillips: to acquire Concho Resources

(CercleFinance.com) - ConocoPhillips and Concho Resources announce that they have entered into a definitive agreement whereby the former will acquire the latter through an exchange of shares: each Concho share will be exchanged for 1.
46 ConocoPhillips shares, in a ratio implying a 15% premium to the closing price on 13 October.

"The transaction combines two high-quality industry leaders to create a company with an approximately $60 billion enterprise value that will offer stakeholders a superior investment choice," the companies said.

Subject to shareholder approval from both ConocoPhillips and Concho, along with regulatory approvals and other customary conditions, the transaction is expected to close in the first quarter of 2021.


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