Courtesy of Benzinga.
A rumor is circulating on multiple forums and message boards that Chevron (NYSE: CVX) may be looking to acquire Devon Energy (NYSE: DVN) at or above $90 per share.
A $90 per share acquisition would value the company at $36.7 billion, a 13.6 percent premium over Devon’s current price.
Some traders are citing a recent natural gas asset swap with Shell, which may increase synergies with Devon, as encouragement that the deal will go through.
Benzinga reached out to several analysts for comments on the possibility of a deal. The general sentiment was that speculation of this nature is not uncommon, making it hard to give much validity to the rumor.
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Investors don't appear to be giving much validity to the deal. Shares of Devon Energy are down 0.73 percent Wednesday.
This rumor comes two days after Devon announced it would sell $2.3 billion of assets to LINN Energy (NASDAQ: LINE).
Posted-In: Analyst Color News Rumors M&A
