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(Reporter Ryu Hyun-jeong of Daily News) Shares of ConocoPhillips (COP) closed lower on the 29th (local time) due to news that it would acquire Marathon Oil (MRO) in a deal worth US$22.5 billion.
On that day, ConocoPhillips’ stock price closed at around $115, down 3% from the previous trading day.
Shares of Marathon Oil, on the other hand, were up nearly 8.5% on the day.
Marathon Oil shareholders will receive 0.2550 ConocoPhillips shares for each Marathon share they hold.
The deal, which is expected to close in the fourth quarter, is expected to bolster ConocoPhillips’ shale assets.
“The acquisition of Marathon Oil further strengthens our portfolio,” said Ryan Lance, CEO of ConocoPhillips.
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