Exxon and Mobil said yesterday they expect antitrust reviews oftheir proposed $88 billion merger will be completed by the end ofthe third quarter. The companies filed the formal pre-mergernotification with the European Commission on May 3. Under the EC’sregulatory framework, that process should be completed around theend of September. As a result of discussions with the Federal TradeCommission, the companies believe that the FTC process can becompleted in the same time period. Shareholders of both companiesare scheduled to vote on the deal on May 27.

Terms of the transaction call for Mobil shareholders to receive1.32 Exxon shares for each Mobil share. Based on Exxon’s stockprice of $82.38 at the close of trading yesterday and Mobil’s 808million shares outstanding, the deal is worth about $88 billion.Mobil shares dropped $3.69 yesterday to $102.75 and Exxon shareswere down $2.44 on the New York Stock Exchange.

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