Diamondback, Endeavor Energy to merge
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 12 February 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, February 12th. I'm Julie Morgan. |
| 0:12.8 | Diamondback and Endeavor are emerging. |
| 0:15.3 | VF Corporation is in a fight over its board |
| 0:18.4 | and Tesla is dropping prices in the US. |
| 0:22.4 | Diamond Back Energy and Endeavor Energy Resources have agreed to combine and create a company valued at more than $50 billion. |
| 0:30.0 | The deal was announced on Diamondback's website today. |
| 0:33.4 | It was reported in a Wall Street Journal report on Sunday, which cited people familiar with the matter that Diamond |
| 0:39.6 | Back may announce a deal as soon as today. |
| 0:42.3 | The website memo says the stock and cash may announce a deal as soon as today. |
| 0:42.6 | The website memo says the stock and cash transaction |
| 0:45.8 | would value endeavor at approximately $26 billion. |
| 0:49.7 | Diamondback has a market cap of about 27 billion. |
| 0:53.0 | Diamond Back took on competition from Conoco Phillips and others in its quest to buy Endeavor. |
| 0:59.0 | An Endeavor Diamond Back deal follows a flurry of M&A activity in the Permian Basin, including Occidentals announced |
| 1:05.9 | 12 billion dollar purchase of Crown Rock in December. |
| 1:09.3 | An ExxonMobil's plan 59.5 billion dollar acquisition of pioneer natural resources, which was announced in October. |
| 1:17.0 | Engage Capital has won the support of VF Corporation's founding family in its battle with the owner of the brands such as North Face, Vans, and Timberland. |
| 1:28.0 | Engage Capital, which has a 1.3% stake in VF, has won the support of descendants of John Barbie who founded |
| 1:34.9 | V.F. in 1899. The Barbie family members now collectively own about 15% of |
| 1:41.4 | VF. According to the Reuters report on Sunday, |
| 1:44.6 | the Barbie family wants two directors on VF's 12 member board replaced. |
... |
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