Crédito: fuente
ConocoPhillips (NYSE:COP) agrees to acquire Concho Resources (NYSE:CXO) in all-stock transaction that values Concho at ~$9.7B.
ConocoPhillips says the new merged entity will be the largest independent oil and gas company, with pro forma production of more than 1.5M boe/day.
Under the deal terms, each Concho common share will be exchanged for a fixed ratio of 1.46 Conoco shares, representing a 15% premium to closing share prices on Oct. 13, the day before the first reports speculating a potential combination of the two companies.
ConocoPhillips and Concho expect to capture $500M of annual cost and capital savings by 2022.
Concho Resources is up 11.1% to $54 premarket. Prior to the deal chatter last week, it was a $44 stock. Conoco is ahead 0.5%.
