ConocoPhillips to buy rival Concho for $9.7bn
The all-stock deal will dramatically alter Conoco’s production profile in the pandemic-hit sector
19 October 2020 - 18:40
ConocoPhillips has agreed to buy Concho Resources for about $9.7bn in stock, the largest shale industry deal since the collapse in energy demand earlier in 2019 and one that will create a heavyweight driller in the US’s most prolific oilfield.
Investors will get 1.46 Conoco shares for each Concho share, the companies said on Monday in a statement. The transaction represents a 15% premium over Concho’s closing price on October 13, the last trading session before Bloomberg News first reported the companies were in talks...
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