Company News: ConocoPhillips to buy Burlington Resources

12/19/2005
ConocoPhillips plans to acquire Burlington Resources Inc. for $35.6 billion in a transaction that would boost Conoco Phillips’s rank as a US gas producer.The deal remains subject to approval of Burlington stockholders and US regulators. Terms call for Burlington stockholders to receive $46.50 in cash and 0.7214 share of stock for each Burlington share they own.Closing is expected in the second quarter of 2006. Upon completion of the transaction, ConocoPhillips stockholders will own 83% of the resulting company, and Burlington shareholders will own 17%.In other recent company news, some oil and gas companies have released their capital spending plans for 2006. These companies’ ...
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