ExxonMobil is drawing closer to completing its $41 billion acquisition of U.S. independent XTO Energy Inc. The company said in a regulatory filing Tuesday that the deal cleared regulatory hurdles in the U.S. and The Netherlands.
“The applicable waiting period provided under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended…expired on March 15, 2010 without the issuance of a second request,” ExxonMobil said. “The Dutch Competition Authority provided a regulatory clearance of the pending merger on March 9, 2010.
“Closing of the transaction remains subject to approval by the shareholders of XTO Energy and the satisfaction (or, to the extent permitted by applicable law, waiver) of the other conditions provided in the merger agreement among the parties.”
The combination of the companies would add about 45 Tcfe to ExxonMobil’s resource base and lift its gas weighting to 45%. The Irving, TX-based supermajor would have a substantial unconventional gas and oil resource base in the United States to complement its holdings in Canada, Germany, Poland, Hungary and Argentina. The deal was announced in December (see Daily GPI, Dec. 15, 2009).
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