$74b deal largest ever
Article Abstract:
Exxon has agreed to acquire Mobil for $73.7 billion to form Exxon Mobil, the largest company in the world. Under the agreement, Mobil shareholders will have about 30% of the merged company while shareholders of Exxon will own about 70%. The new company, which will have Exxon CEO Lee Raymond as CEO, will have about 14% share of gasoline sales in the US, about the same as the joint venture of Shell and Texaco. The new company, which will have its headquarters in Irving, TX, will have 122,700 employees and 48,500 service stations.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Exxon, Mobil close to $70B merger
Article Abstract:
Exxon Corp will acquire Mobil Corp in a $70-million stock deal. The merger would create the world's largest energy company with combined revenue of $200 billion in 1997. Exxon is the world' second-largest oil company with a market value of $176.7 billion, while Mobil is the second-largest oil company in the US with a total value of $61.1 billion. Industry analysts believe that the merger would get the approval of anti-trust authorities only after divestitures in refining operations, fuel stations and pipelines.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
Oil merger not likely to lower gasoline prices
Article Abstract:
The merger between Chevron Corp and Texaco Inc is not likely to result in reduced gasoline prices. Any reductions that might result from the merger will be overwhelmed by OPEC-driven fluctuations in the cost of crude oil. The two firms will resort to cost savings which will include shedding 4,000 employees and $1.2 billion in operating costs. Whether the savings will accrue to consumers through lower prices remain unclear.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Qwest makes offer to US west. MCI, Sprint close in on deal
- Abstracts: What really makes life fun. I try to send a good message. 'I always believed there was a place for me'
- Abstracts: Welch underestimated antitrust issue. Vivendi to pay $10.5B for USA Networks
- Abstracts: Peace de resistance. Future smog. Hate is enough
- Abstracts: Make that Mr. Dilbert. The making of a media giant. Hollywood goes to Wall Street