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Southwestern Power (NYSE:SWN) +6.1% in Tuesday’s buying and selling following a Reuters report that Chesapeake Power (NASDAQ:CHK) has approached the corporate a couple of potential acquisition.
Chesapeake’s (CHK) talks with Southwestern (SWN) are within the preliminary stage, and the corporate reportedly has been exploring different potential acquisitions and should find yourself pursuing a unique goal.
A mix of the 2 corporations would overtake EQT Corp. (EQT) as the most important U.S. pure gas-focused exploration and manufacturing firm by market capitalization.
The 2 corporations are neighbors; most of Southwestern’s (SWN) manufacturing is in Appalachia’s shale formations and the Haynesville basin in Louisiana, the place Chesapeake (CHK) additionally operates.
Some pure gas-focused shares are shifting larger in obvious response to the report, together with Westport Gasoline Programs (WPRT) +4.7%, Antero Assets (AR) +2.5%, Comstock Assets (CRK) +2.5%, EQT Corp. (EQT) +1.9%, Vary Assets (RRC) +1.4%.