ConocoPhillips-Marathon Oil Merger Draws Fresh Government Scrutiny

ConocoPhillips’ (COP) planned $22.5 cardinal acquisition of Marathon Oil (MRO) has again drawn questions from nan Federal Trade Commission (FTC).

The lipid shaper said Friday successful a regulatory filing that some companies yesterday received a 2nd petition for accusation regarding nan projected transaction. 

In May, ConocoPhillips said nan acquisition would beryllium "immediately accretive" to its net and rate flow, and make "at slightest $500 cardinal of tally complaint costs and superior savings wrong nan first afloat twelvemonth pursuing nan closing of nan transaction.”

ConocoPhillips said nan companies expect nan woody to adjacent successful nan 4th fourth of 2024, but nan latest petition for accusation could slow that process. The petition efficaciously pushes backmost nan earliest day nan companies tin merge until 30 days aft some parties person complied pinch nan FTC's inquiry.

Under nan position of nan transaction, Marathon shareholders will person 0.255 shares of ConocoPhillips banal for each stock of Marathon they own, a premium of astir 15% to Marathon's closing value of $26.45 earlier nan woody was announced. 

Both companies' shares moved modestly little successful caller trading Friday.