HOUSTON (dpa-AFX) - Marathon Oil Corp. (MRO), Thursday announced that it has received shareholder approval to proceed with the pending merger with ConocoPhillips (COP).
In May, ConocoPhillips had entered into an all-stock deal with Marathon Oil to acquire the latter for an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt.
Both the companies expect the transaction to be completed in late fourth quarter of 2024.
Currently, Marathon Oil's stock is trading at $28.53, up 0.96 percent on the New York Stock Exchange.
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