Exxon to Buy Celtic for $2.92 Billion, Adding Canadian Shale

Exxon Mobil Corp., the world’s largest energy company by market value, agreed to buy Celtic Exploration Ltd. for C$2.86 billion ($2.92 billion) in cash and stock, adding oil and gas production in Canada’s Montney and Duvernay shale.

Celtic’s holders will receive C$24.50 ($24.89) a share and half a share of a new company that will hold assets not included in the agreement, Calgary-based Celtic said today in a statement. The cash value per-share represents a 35 percent premium to Celtic’s closing price yesterday.