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US oil giant to acquire rival in billion-dollar transaction

Conoco Phillips is ready to take over compatriot E&P firm Concho Resources Inc.

Photo: Loren Elliott/Reuters/Ritzau Scanpix

US oil firm Conoco Phillips plans to acquire rival company Concho Resources Inc. in a transaction worth USD 9.7 billion, the former writes in a news release.

According to the statement, the acquisition offer represents a premium of 15 percent compared to Concho's closing price on Oct. 13, which came to USD 44.14.

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