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Cabot Oil & Gas and Cimarex Energy agree merger deal
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US-based Cabot Oil & Gas has agreed to merge with Cimarex Energy to create a combined business valued at almost $17bn.
As per the terms of the all-stock ‘merger of equals’, Cimarex Energy shareholders will be entitled to 4.0146 shares of Cabot Oil & Gas stock for each share held.
Cabot Oil & Gas’ shareholders will hold a stake of around 49.5% in the combined company, while Cimarex Energy’s shareholders will have a holding of roughly 50.5%.
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Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one.
(Bloomberg) Shale investors have been demanding more consolidation in the U.S. oil patch. But not exactly a deal like this one.
The merger of Cabot Oil & Gas Corp. with Cimarex Energy Co. announced Monday has confounded investors and analysts, leaving them to question the logic behind a tie-up that the companies say will increase diversification. Cimarex is mostly an oil explorer in Texas and Oklahoma, while Cabot is focused on natural gas drilling in the Marcellus shale basin in Appalachia.
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