Phillips Petroleum Merges With Conoco
Energy companies Conoco Inc. (COC ) and Phillips Petroleum Co. (P ) announce they will merge in a $15.4 billion stock deal. Terms: P holders will get 1 share of the new company per P share; COC holders will get 0.4677 share of the new company per COC share. The new company, to be called ConocoPhillips, would have an enterprise value of $53.5 billion ($34.9 billion of equity; $18.6 billion of debt and preferred securities). (11/18)
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