ConocoPhillips Finally Finds a Deal to Its Liking
Over the past few years, ConocoPhillips (NYSE: COP) has repeatedly said that it's not interested in large mergers. That's because big corporate transactions usually require large premiums, which eat into investment returns. Given the oil company's high bar for returns, most merger opportunities haven't made sense.
However, after years of avoiding corporate M&A, ConocoPhillips is back in the game, agreeing to acquire Concho Resources (NYSE: CXO) in an all-stock deal. Despite Conoco paying a premium to buy Concho, this deal checks all the boxes.
Image source: Getty Images.
Source Fool.com
