Marathon Oil Shareholders Approve Megadeal Conoco Acquisition
08.30.2024 By Tank Terminals - NEWS

August 30, 2024 [Oilprice]- Shareholders in Marathon Oil have approved a ~$16 billion acquisition by ConocoPhillips, Marathon Oil said in a Thursday statement, with the deal expected to close in the fourth-quarter of this year, pending a Federal Trade Commission review, Reuters reports.

 

Conoco and Marathon Oil struck their acquisition deal in May when Conoco agreed to take over the target company in a deal worth $22.5 billion, including the assumption of $5.4 billion in debt.

Earlier this month, a Marathon Oil shareholder filed a lawsuit seeking to stop the ConocoPhillips acquisition, claiming that the price undervalued the company. Investor Martin Siegel alleged in his filing that the acquisition could deprive Marathon Oil shareholders of some $6 billion in company value. Siegel also accused the company’s management and its adviser Morgan Stanley of misrepresenting the deal with Conoco to shareholders when it sought their backing for the move.

For Conoco, the deal would push its market value to over $150 billion, extending its lead as the largest independent producer, on the same level as the supermajors, though slightly ahead of BP and slightly behind Shell, according to analysis from Enervus Intelligence Research.

ConocoPhillips “is leveraging its premium market valuation, which it shares with the majors, to strike a deal that will immediately boost its free cash flow profile and enhance its capital return program for investors,” Andrew Dittmar, a Director on the Enervus Intelligence team, said in a statement at the time.

Conoco’s chief executive, Ryan Lance, said at the time of the deal’s origins that “there are too many players. Scale matters, diversity matters, and we are going through a natural cycle of that in the business”.

In mid-July, Conoco received its second request for more information from the FTC for the megadeal.

TankTerminals.com is a market research platform with operational, infrastructural and contact details of more than +8,500 tank terminals and +5,000 production facilities worldwide.


Access data. Decide better. See how.

A total of 149 Marathon Petroleum terminals and production facilities are listed in TankTerminals .com
.
We list here 10 tank terminals with a direct link to access their data.

Qair to Install e-Methanol Plant at France's Le Havre Port
11.12.2024 - NEWS
November 12, 2024 [Renewables Now]- French independent renewable power producer Qair has won the ... Read More
COP29 - Indonesia to Host World's First Hybrid Green Ammonia Project
11.12.2024 - NEWS
November 12, 2024 [Antara News]- PT Pupuk Indonesia announced its Green Ammonia Initiative from A... Read More
Saudi Arabia Bets $10B on Green Hydrogen
11.12.2024 - NEWS
November 12, 2024 [Oil Price]- Saudi Arabia is reportedly preparing to unleash $10 billion in inv... Read More
Genzero and Trafigura Announce US$100M Expansion of the Brujula Verde Nature-Based Carbon Removals Project in Colombi
11.12.2024 - NEWS
November 12, 2024 [Storage Terminals Magazine]- Trafigura Group Pte Ltd, a leader in the global c... Read More