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Issue 21/2020 - ConocoPhillips and ConocoPhillips merge

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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ConocoPhillips and ConocoPhillips merged

On October 19, ConocoPhillips and ConocoPhillips announced that they had reached a definitive agreement to merge the two companies
in an all-stock transaction.

Under the terms of the transaction, each common share of ConocoPhillips will be exchanged for 1.
46 ordinary shares of ConocoPhillips on a fixed basis, representing a 15%
premium to its closing price on October 13.
The deal valued Kangxiu Oil at approximately $9.
7 billion
.
The transaction is subject to shareholder and regulatory approvals from both companies and is expected to close
in the first quarter of 2021.
ConocoPhillips will suspend its share repurchase program until the transaction closes
.
The company expects to save $500 million annually by 2022
.

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