Marathon Oil (MRO) has issued an announcement.
Marathon Oil Corporation has agreed to be acquired by ConocoPhillips, with Marathon set to be the surviving entity post-merger. Each Marathon share, except certain excluded ones, will be exchanged for 0.2550 ConocoPhillips shares. The deal, which requires shareholder approval and regulatory clearances, also has provisions for Marathon’s outstanding equity awards and executive severances. Notably, Marathon’s CFO, Dane E. Whitehead, plans to retire but will assist with the transition until the merger’s completion. If the merger fails under specific conditions, Marathon could owe ConocoPhillips a substantial termination fee.
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