$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.

Asset sales & divestitures, Organizational history, Exxon Mobil Corp.

---

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.

Petroleum

---

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.

ChevronTexaco Corp.

Similar abstracts:

• 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

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.