×

Recapping the big headlines: DVN, NXP, GE

Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

Devon buys Felix Energy assets

Oil producer Devon Energy announced plans Monday to buy assets from Felix Energy in the Anadarko basin for $2.5 billion dollars.

With the price of global crude dropping more than 60 percent since June many oil and gas companies continue to take a closer look at make acquisitions on the cheap.

Shares of Devon dropped nearly 10 percent, while the broader Dow Jones Oil & Gas index . was down about 4.7 percent Monday.

NXP Semiconductors acquires Freescale

Semiconductor maker NXP Semiconductors closed a nearly $12 billion deal to acquire Freescale, that would create the nation's largest maker of automotive electronics, and potentially become a key car player in the war against hackers.

CEO Scott Clemmer told CNBC on Monday "With the combination of the computing and security and connectivity, we think we can drive the connected device market and be the leader in making all of our lives more convenient and safe."

GE pulls plug on Electrolux deal

Shares of Sweden's Electrolux dipped nearly 12 percent after General Electric scapped a pending $3.3 billion sale of its appliance unit.

The U.S. Department of Justice had protested the agreed-upon deal for months, on antitrust grounds that it would drive up prices and reduce competition.

Electrolux, the maker of Frigidaire, Kenmore and Tappan appliances, planned to use the acquisition as a foothold into the United States, where Whirlpool currently holds the largest market share.

In a statement, GE said "The appliances business is performing well and GE will continue to run the business while it pursues a sale."

In 2014, Electrolux made around 33 percent of its 112 billion Swedish crowns ($13.2 billion) of sales in North America against around 35 percent in Europe.