ConocoPhillips: agreement to acquire Marathon

(CercleFinance.com) - ConocoPhillips announces a definitive agreement to acquire Marathon Oil in an all-stock transaction for an enterprise value of $22.
5 billion, including net debt of $5.4 billion.

Under the terms of the agreement, Marathon Oil shareholders will receive 0.255 ConocoPhillips shares for each Marathon Oil share, representing a 14.7% premium to Marathon Oil's last closing share price.

The energy group expects the acquisition to be immediately accretive to earnings, cash flow and return on capital per share. Subject to approvals and other customary conditions, it is expected to close in the last quarter of 2024.

ConocoPhillips also plans to increase its dividend by 34% to 78 cents per share from the fourth quarter of 2024, and after this transaction, to buy back shares worth more than $20 billion over three years, including more than $7 billion in the first year.

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