ConocoPhillips-Burlington merger approved

By OGJ editors
HOUSTON, Mar. 30 -- Burlington Resources Inc. shareholders on Mar. 30 approved a merger with ConocoPhillips. Closing was expected on Mar. 31.

ConocoPhillips late last year announced plans to acquire Burlington Resources for $35.6 billion (OGJ, Dec. 19, 2005, p. 41.)

A preliminary tally of shares voted during a special meeting indicated holders of more than 74% of the total shares outstanding favored the merger. Of the shares actually voted, more than 98% voted in favor of the merger.

Under terms of the merger agreement, Burlington Resources stockholders will receive $46.50 in cash and 0.7214 share of ConocoPhillips stock for each share of Burlington Resources stock.

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