Commodities
Denbury Entertained 28 Potential Buyers Prior to Exxon Deal
- CO2 pipeline operator spurned two earlier Exxon offers
- Exxon low carbon chief Dan Ammann made key intervention
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Denbury Inc. held talks with more than two dozen potential buyers and rejected two offers from Exxon Mobil Corp. before finally agreeing to sell itself to the Texas oil giant for $4.9 billion in stock last month.
Executives and their advisers spoke with more than 28 parties, from international oil majors to pipeline operators, signing confidentiality agreements with 17 of them over a two-and-a-half year period, Plano, Texas-based Denbury said in a filing Tuesday. Eventually, Exxon’s third proposal won out after months of negotiations and due diligence by Dan Ammann, the former General Motors Co. executive now running the oil giant’s low carbon solutions business.