End of an era: Burlington Resources president Bobby Shackouls. Photo: Anthony Guegel
Burlington green lights mega-merger
Houston-based Burlington Resources has approved a proposed $35.6 billion merger deal with US major ConocoPhillips.
The merger is expected to close tomorrow, 31 March.
Based upon a preliminary tally, 280 million shares, or more than 74% of the total shares outstanding were voted in favor of the merger. Of the shares voted, more than 98% were voted in favor of the merger.
Under the terms of the merger agreement, Burlington Resources stockholders will receive $46.50 in cash and 0.7214 shares of ConocoPhillips stock for each share of Burlington Resources stock.
"While this merger marks the end of Burlington Resources as an independent company, our legacy of disciplined, focused development of North American natural gas will continue as part of ConocoPhillips, one of our country's most respected integrated oil and gas companies," said Bobby Shackouls, Burlington's chairman, president and chief executive officer.