Exxon, Mobil See Merger Cleared by September

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

Terms of the transaction call for Mobil shareholders to receive 1.32 Exxon shares for each Mobil share. Based on Exxon's stock price of $82.38 at the close of trading yesterday and Mobil's 808 million shares outstanding, the deal is worth about $88 billion. Mobil shares dropped $3.69 yesterday to $102.75 and Exxon shares were down $2.44 on the New York Stock Exchange.

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