Deals
Exxon to Buy Pioneer for $60 Billion to Dominate Shale Oil
- It’s the supermajor’s biggest deal since Mobil Corp. in 1999
- Takeover will make Exxon largest player in the Permian
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Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor’s largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil.
Exxon will pay $253 per share in an all-stock deal, according to a statement on Wednesday. The agreement paves the way for Exxon’s biggest acquisition since merging with Mobil Corp. in 1999 and is the world’s largest corporate takeover announced this year.