U.S. shale producer Devon Energy to buy rival WPX

(Reuters) – U.S. shale producer Devon Energy Corp said on Monday it would buy peer WPX Energy Inc in an all-stock deal that would create a combined company worth around $12 billion.

WPX shareholders will receive 0.5165 shares of Devon common stock for each share of WPX common stock owned, the companies said in a statement.

(Reporting by Shruti Sonal in Bengaluru; Editing by Maju Samuel)