Marathon increases exchange ratio |
|
|
|
Published
:
Mon, 19 Nov 2007 18:57
|
HOUSTON (AP) - Oil and gas company Marathon Oil Corp. said Monday it has increased the exchange ratio for former shareholders of Western Oil Sands Inc. who hold exchangeable shares to 1.00423 to account for a cash dividend payable Dec. 10.Under terms of the agreement under which Marathon acquired Western Oil Sands in October, the exchange ratio is subject to adjustment to account for cash dividends paid on Marathon common stock that are not matched by dividends paid to holders of the exchangeable shares.In October, Marathon declared a regular quarterly dividend of 24 cents payable Dec. 10 to shareholders of record as of Nov. 21.The new ratio, raised from 1, will take effect on Dec. 10 and will remain in effect until the next payment of a cash dividend, the company said.Marathon shares fell 71 cents to $56.56 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Shareholders ok Marathon buyout deal 