ConocoPhillips path to acquiring Marathon Oil Corp. has passed another mile stone, with Marathon shareholders voting to approve the merger. (Source: Shutterstock, ConocoPhillips, Marathon Oil, PR Newswire)
ConocoPhillips path to acquiring Marathon Oil Corp. has passed another mile stone, with Marathon shareholders voting to approve an all-stock transaction for approximately $17.1 billion, the companies said on Aug. 29.
The deal, which is valued at $22.5 billion including $5.4 billion of net debt, was first announced in May. The merger is still under review by the Federal Trade Commission after it sought a second request for information from the companies in July.
Marathon Oil will file the vote results of the special stockholder meeting in an 8-K form with the U.S. Securities and Exchange Commission.
Marathon Oil and ConocoPhillips said they continue to expect the transaction to close late in fourth-quarter 2024, subject to regulatory clearance and other customary closing conditions.
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