EXXON, MOBIL SAY MERGER KEY TO THEIR SURVIVAL.Byline: H. Josef Hebert Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. The chairmen of Exxon and Mobil told lawmakers Thursday the merger of the two oil giants is essential for them to compete with the large government-owned oil producers that dominate the world market. ``The merger will mean that Exxon-Mobil . . . will be able to compete in the same scale as the largest foreign firms,'' Exxon chairman Lee Raymond Lee R. Raymond (born August 13, 1938) was the Chief Executive Officer and Chairman of ExxonMobil from 1999 to 2005. He had previously been the CEO of Exxon since 1993. He joined the company in 1963 and has been president since 1987 and a director since 1984. told a House commerce energy and power subcommittee. The panel members, although expressing concerns about the potential impact of the merger on competition, generally endorsed the move as understandable. ``It is in the national interest of the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, to support this merger,'' said Rep. Joe Barton Joseph Linus "Joe" Barton (born September 15, 1949) is a Republican politician, representing Texas's At-large congressional district (map) in the U.S. House of Representatives since 1985. Biography Barton was born in Waco, Texas to Bess Wynell Buice and Larry Linus Barton. , R-Texas, the subcommittee chairman. The two companies announced in December that Exxon Corp. would purchase Mobil Corp. for $73.7 billion in stock, combining the biggest U.S. oil companies, and creating the sixth-largest oil producer in the world. The only larger ones are government-owned. The deal awaits Federal Trade Commission approval. Raymond said Exxon and Mobil shareholders will vote on the merger on May 27 before expected government clearance. While the FTC FTC See Federal Trade Commission (FTC). is likely to require the companies to sell off some assets, especially gasoline stations, where they are concentrated, Raymond said he was not ready to forecast any extensive divestitures. |
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