BUSINESS LIVE: Dr. Martens sales decline in the US; Nightcap leaves Revolution Bars bid; Auto Trader’s profits are soaring

US energy giant ConocoPhillips has bought Marathon Oil in a deal worth £17.7 billion – the latest in a series of takeovers in the US oil sector.

There was £200bn of M&A activity in the sector last year, including Exxon Mobil’s £48bn takeover of Pioneer Natural Resources and Chevron’s partnership with Hess.

The acquisition will enable ConocoPhillips to strengthen its position in shale oil and gas-rich US regions such as the Bakken Basin and the Permian Basin.

London-listed hospitality company Nightcap has abandoned its attempted takeover of Revolution Bars after its previous bid was rejected.

Revolution Bars said earlier this week that Nightcap’s bid, which included a shake-up of the group’s restructuring plans, ‘could not be executed’.

Nightcap told shareholders this morning:

‘Nightcap’s board believes that the Possible Offer, if implemented, would have replaced Revolution Bars’ highly dilutive £12.5 million fundraising with a merger of the two companies, resulting in less dilution to Revolution Bars shareholders would suffer and could achieve better results. get more value from their investment.

‘The potential offer would include a fundraising and the implementation of the restructuring plan… followed by a combination of the Nightcap and Revolution Bars businesses, as well as a sale of the Peach Pubs brand.

‘Nightcap respects that the board of Revolution Bars wishes to pursue a different outcome and as a result, Nightcap confirms today that it does not intend to make an offer for the entire issued and to be issued share capital of Revolution Bars.’

‘Czech Sphinx’ Daniel Kretinsky’s £3.6 billion bid for Royal Mail’s parent company has failed to win over the city – despite the company’s board agreeing to the deal.

Shares in International Distribution Services rose 4.3 per cent, or 13.8p, to 335p on the announcement, still below the offer price of 370p.

Dr. Martens has outlined up to £25m of annual cost-cutting measures after the iconic British shoemaker’s profits were hammered last year by a major slump in US demand.

Pre-tax profits fell 42.9% to £97.2m in the year to March 31, following a 24 per cent drop in US revenues due to the loss of its wholesale business.

The company said the cost savings come from “organizational efficiencies and design, better purchasing and operational streamlining.”

Kenny Wilson, CEO of Dr Martens, said: ‘We are clear that we need to stimulate US demand to return to growth in fiscal 2026 and we are implementing a detailed plan to achieve this, with refocusing and more growth in the U.S. marketing investments in the coming year.

‘We are also announcing a group-wide cost action plan, targeting savings of £20 million to £25 million. I am confident that the actions we are taking as we enter this transition year will put us in good shape for years to come.”