Devon Energy agrees to acquire U.S. shale oil rival Coterra for $21.4 billion
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Gelonghui, February 3rd|As the reduction in drilling sites prompts producers to consolidate, a certain exchange has agreed to acquire Coterra Energy Inc. in a stock transaction valued at approximately $21.4 billions, creating one of the world's largest shale oil companies. According to a statement released on Monday, under the terms of the deal, Coterra shareholders will receive 0.7 shares of the exchange's stock for each Coterra share they hold. This represents about a 12% premium for Coterra investors based on the share prices before news of the negotiations emerged in mid-January, but according to energy data platform Enverus, it is slightly below last Friday's closing price. On Monday, Coterra's stock price fell as much as 4.6%, marking its largest single-day drop in nearly a month, while the exchange's stock price also fell as much as 2.6%.
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