Shareholders ok Marathon buyout deal |
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Published
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Tue, 16 Oct 2007 21:53
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HOUSTON (AP) - Marathon Oil Corp. said Tuesday its $5.5 billion acquisition of Canada-based Western Oil Sands Inc. was approved by Western shareholders at a special meeting.The vote came a day after Canadian regulators cleared the acquisition.Marathon said the takeover was approved by more than 99 percent of Western shareholders who voted at the meeting in Calgary.The deal is expected to close Thursday.Under the terms of the agreement announced in July, Western Oil shareholders will get $3.6 billion in cash and $1.9 billion in Marathon stock.Marathon also will assume $650 million in Western Oil debt, which boosts the total value of the deal to about $6.2 billion.In addition, Marathon agreed to develop Western Oil's oil sands operations and to link Western Oil's oil sands resources with Marathon's U.S. refining and marketing operations.The oil refiner also promised to maintain Western Oil's head office in Calgary, Alberta, and to maintain certain employment levels there.Marathon shares gained 24 cents at $59.67 in the aftermarket. They closed at $59.43 in the regular session.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Canada minister OKs Marathon acquisition 