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Coterra Energy is being acquired by Devon Energy, but shares of both companies are falling in early Monday trading, as the implied purchase price is below where the stock last closed.
The oil-and-gas companies said the all-stock merger implies a combined enterprise value of $58 billion, with Devon
DVN shareholders set to own 54% of the combined company and Coterra CTRA shareholders to own 46%. The deal aims to give the combined company the scale needed to compete with larger rivals.
