Merger activity remained steady last week with three new deals announced and two deals closing.
There has not been any significant M&A activity this year in the energy sector with oil prices collapsing due to the COVID-19 pandemic. After choosing to walk away from a bidding war with Occidental (OXY) over Anadarko more than a year back, Chevron (CVX) has now announced an agreement to acquire oil and natural gas producer Noble Energy (NBL) in an all stock deal worth $13 billion.
Before the deal was announced, Noble Energy was down more than 50% over the last year compared to a drop of more than 30% in Chevron. At one point during the March 2020 lows, Noble Energy’s stock had lost more than 80% of its value since the start of the year. As is usually the case, the bottoming process for a sector involves both bankruptcies and mergers.
You can find all the active deals listed below in our Merger Arbitrage Tool (MAT) that automatically updates itself during market hours.
There were no new deals announced in the Deals in the Works section last week.