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Based in Canada
Company profile

Bank of Montreal (the Bank) is a financial services provider. The Bank provides a range of personal and commercial banking, wealth management and investment banking products and services. The Bank conducts its business through three operating groups: Personal and Commercial Banking (P&C), Wealth Management and BMO Capital Markets. The P&C business includes two retail and business banking operating segments, such as Canadian Personal and Commercial Banking (Canadian P&C), and the United States Personal and Commercial Banking (U.S. P&C). The Bank's Wealth Management business serves a range of client segments, from mainstream to ultra-high net worth and institutional, with an offering of wealth management products and services, including insurance. BMO Capital Markets is a North American-based financial services provider offering a range of products and services to corporate, institutional and government clients. The Bank has over 900 bank branches in Canada and the United States.

Closing Price
$132.21
Day's Change
-17.37 (-11.61%)
Bid
--
Ask
--
B/A Size
--
Day's High
142.10
Day's Low
131.50
Volume
(Heavy Day)
Volume:
29,753

10-day average volume:
17,448
29,753

Devon Energy and WPX to combine in all-stock merger of equals with enterprise value of about $12 billion

7:15 am ET September 28, 2020 (MarketWatch)
Print

Devon Energy Corp. (DVN) and WPX Energy Inc. (WPX) said they have agreed to combine in an all-stock merger of equals with an enterprise value of about $12 billion. The deal was reported earlier by the Wall Street Journal. Under the terms of the deal, WPX shareholders will receive 0.5165 shares of Devon common stock for each share owned. Devon shareholders will own about 57% of the new entity and WPX shareholders will own about 43%. The deal is expected to close in the first quarter of 2021. "The strategic combination will create a leading unconventional oil producer in the U.S., with an asset base underpinned by a premium acreage position in the economic core of the Delaware Basin," the companies said in a joint statement. The combined company will be named Devon Energy, and will enjoy "enhanced scale, improved margins, higher free cash flow and the financial strength to accelerate the return of cash to shareholders through an industry-first "fixed plus variable" dividend strategy," said the statement. The deal is expected to immediately boost all relevant per-share metrics in the first year, including earnings, cash flow, free cash flow, and net asset value, and to be accretive to return on invested capital. It will have about $1.7 billion of cash on hand and $3 billion of capacity on a credit facility expected at closing. Devon shares jumped 11% premarket on the news, while WPX was up 18%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 28, 2020 07:15 ET (11:15 GMT)

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