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

Marathon Oil

29/05/2024 14:49

(Updates)
    ** Shares of energy firm Marathon Oil  MRO.N  jump 8.8% to
$28.78 in morning trade
    ** ConocoPhillips  COP.N  to buy MRO in a $22.5 billion
all-stock deal, including debt
    ** 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
    ** The Financial Times first reported the advanced deal
talks between the two companies
    ** ConocoPhillips shares slip 2.8% to $115.58
    ** YTD, Marathon Oil stock is up 19.2% while COP is down
marginally

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