There's another big oil-and-gas merger, but shareholders aren't happy

Core Viewpoint - Devon Energy is set to acquire Coterra Energy in an all-stock deal, aiming to enhance scale and competitiveness in the oil-and-gas sector, particularly in the Permian Basin, despite shareholder dissatisfaction due to a lower-than-expected purchase price [1] Group 1: Merger Details - The all-stock merger implies a combined enterprise value of $58 billion [1] - Devon shareholders will own 54% of the combined entity, while Coterra shareholders will hold 46% [1] Group 2: Market Reaction - Shares of both Devon and Coterra fell in early trading following the announcement of the merger [1] - The implied purchase price is below the last closing price of both companies' stocks, contributing to shareholder discontent [1]