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.
©Copyright 1999 Intelligence Press Inc. All rights reserved. The
preceding news report may not be republished or redistributed, in
whole or in part, in any form, without prior written consent of
Intelligence Press, Inc.
Natural Gas Intelligence (NGI), is a leading provider of natural gas, shale news and market information for the deregulated North American natural gas industry. Since the first issue of Natural Gas Intelligence was published in 1981, NGI has provided key pricing and data relied upon daily by thousands of industry participants in the U.S, Canada and Mexico as well as Central and South America, Europe and Asia.