Marathon Petroleum will pay ConocoPhillips $557 million in termination fees if the deal is not completed

Breakings ·  May 29 20:31
ConocoPhillips and Marathon Petroleum announced on May 29 that the two sides have reached a final agreement. According to the agreement, ConocoPhillips will acquire Marathon Petroleum through an all-share transaction with a corporate value of 22.5 billion US dollars, including 5.4 billion US dollars in net debt. Marathon Petroleum later stated in regulatory documents that if ConocoPhillips terminates the agreement because Marathon Petroleum, its subsidiaries, or any of its directors or executives seriously breached its obligation not to solicit, Marathon Petroleum would be required to pay a termination fee of 557 million US dollars to ConocoPhillips.

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