REUTERS: ConocoPhillips said on Monday it will buy Permian-focused driller Concho Resources Inc for US$9.7 billion, the largest shale deal this year as oil and gas producers turn to consolidation to survive a slowdown in oil prices and demand.
The all-stock deal comes as U.S. shale companies have posted big losses due to weak crude prices amid the COVID-19 pandemic and have struggled to raise new capital to restructure debt.Concho shareholders will receive 1.46 shares of ConocoPhillips for each share held. The deal for US$49.30 per share, represents a 1.4per cent premium to Concho's closing close on Friday, according to Reuters calculations.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alibaba shops for hypermarket chain Sun Art in US$3.6 billion dealAlibaba Group Holdings said on Monday it will invest US$3.6 billion to boost its stake in hypermarket operator Sun Art Retail Group Ltd , ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US Senate to vote this week on 'skinny' pandemic relief Bill, paycheck protection fundsWASHINGTON: The US Senate will vote on Wednesday (Oct 21) on a US$300 billion Senate Republican COVID-19 relief Bill that is far below the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
VW says has reached agreement in principle to buy Navistar for US$44.50 per share[FRANKFURT] Volkswagen's truck unit Traton on Friday said it had agreed to sweeten its US$43 per share takeover bid for US truck maker Navistar International Corp to $44.50. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Amid tensions at Ladakh with China, India bought high altitude warfare kits from USNEW DELHI (THE STATESMAN/ASIA NEWS NETWORK) - As the tensions with China at the Line of Actual Control (LAC) at the eastern Ladakh ages for months with no sign of dissolution, the Indian side has bought high altitude warfare kits from the US on an urgent basis, reports suggest citing officials with the knowledge of the matter.. Read more at straitstimes.com. like what? bb gun?
Source: The Straits Times - 🏆 8. / 63 Read more »
Ant Group gets Chinese nod for Hong Kong leg of US$35 billion dual listing: sourcesChina's Ant Group has received approval from the Chinese securities regulator for the Hong Kong leg of its about US$35 billion dual-listing, a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hyundai Motor, Kia Motors flag US$2.9 billion earnings hit from quality costsHyundai Motor and affiliate Kia Motors said on Monday that their third-quarter earnings would reflect quality-related costs amounting to a ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »