Marathon Oil Investor Sues to Block ConocoPhillips Acquisition

A Marathon Oil Corp. shareholder sued to block its proposed acquisition by ConocoPhillips, claiming the $17 billion deal “significant undervalues” the target company.

In a lawsuit filed Monday in New York state court, Martin Siegel says the Conoco deal could deprive Marathon investors of more than $6 billion in value. He further alleges Marathon, its directors and financial adviser Morgan Stanley misrepresented the deal in a proxy statement recommending shareholders back it.

Siegel is asking a judge to put an investor vote on hold until a trial is held or the parties issue corrective disclosures.

Neither Marathon nor Conoco ...