Marathon Oil gains after ConocoPhillips' $22.5 bln deal to buy firm

Marathon Oil

29/05/2024 12:28

(Updates)
    ** Shares of energy firm Marathon Oil  MRO.N  rise 7.3% to
$28.39 premarket
    ** ConocoPhillips  COP.N  to buy MRO in a $22.5 billion
all-stock deal
    ** MRO shareholders to receive 0.2550 shares of COP for each
share of Marathon Oil common stock, a 14.7% premium to MRO's
closing price on May 28
    ** Deal expected to close in Q4 of 2024
    ** Financial Times first reported the advanced deal talks
between the two companies
    ** ConocoPhillips shares fall 3.3% to $115.02 premarket
    ** YTD, COP has gained 2.5% and MRO 9.5% versus 9.5% rise in
S&P 500 Energy index  .SPNY 

 (Reporting by Medha Singh and Vallari Srivastava)
 ((medha.singh@thomsonreuters.com))