According to @StockMKTNewz, Devon Energy (DVN) and Coterra Energy (CTRA) agreed to a roughly $58 billion all-stock merger, with Coterra holders to receive 0.7 shares of DVN for each CTRA share (source: WSJ via @StockMKTNewz). The fixed 0.7 exchange ratio creates a clear merger arbitrage reference; CTRA typically tracks about 0.7 times DVN with a spread reflecting expected deal risk and time to close (source: WSJ via @StockMKTNewz). Traders should monitor regulatory approvals, closing conditions, and DVN volatility, as the all-stock consideration makes CTRA pricing directly sensitive to DVN share moves and headline risk into completion (source: WSJ via @StockMKTNewz).