Shareholders of Both Conoco and Phillips Approve Merger
The shareholders of both Phillips Petroleum and Conoco voted to approve the proposed merger of equals between the two companies.
Approximately 97% of the Phillips shareholders and approximately 96% of Conoco shareholders voted in favor of the merger. The merger is expected to be completed in the second half of this year, pending expiration of the waiting period under the U.S. Hart-Scott-Rodino Act and other customary closing conditions.
"Today's vote is an important step in combining Phillips and Conoco, and we appreciate the support from our shareholders," said Jim Mulva, chairman and chief executive officer. "We believe the combination of these two companies will create significant value for all stakeholders and provide excellent financial and operational growth opportunities."
"We're pleased with the outcome of today's meeting and appreciate the support from our stockholders," said Archie W. Dunham, Conoco chairman, president and chief executive officer. "We believe this merger of equals will create significant additional value for our stockholders. The combination creates an extraordinary set of complementary capabilities, drawing on the talented management and core competencies of both Conoco and Phillips."