EXXON MAY BUY MOBIL; ENERGY BUSINESSES IN MERGER TALKS.Byline: Brad Skillman 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. In a deal that would combine the nation's two biggest energy companies to create the world's premier energy business, Exxon Corp. is in talks to buy Mobil Corp., the Financial Times reported in today's editions. What likely would be the richest buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. ever could be announced as early as next week, the London-based paper said, citing people close to both companies. Exxon is the world's second-largest energy company after the No. 1 Royal Dutch-Shell Group of Cos. Mobil is the second-largest U.S. oil and gas group after Exxon and fourth-largest in the world. The consolidation of the two oil giants would reunite re·u·nite tr. & intr.v. re·u·nit·ed, re·u·nit·ing, re·u·nites To bring or come together again. reunite Verb [-niting, -nited two pieces of the Standard Oil Trust empire torn apart by the Supreme Court in 1911. Exxon, a leading worldwide producer of petrochemicals, operates in more than 100 countries. Mobil has been divesting its noncore operations to focus on oil and gas production, and owns or operates all or part of 25 refineries globally. Rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. Wednesday that a deal was imminent sent Mobil shares shooting up nearly 5 percent. Mobil gained $3.4375 to close at $78.375 on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , where Exxon was unchanged at $72.6875. ``I wouldn't care to comment on the rumors and speculation that are rampant out on the marketplace today,'' said Dave Dickson, a spokesman at Mobil's Fairfax, Va., headquarters. Exxon spokeswoman Karen Steffaro said, ``It is our policy not to comment on rumored acquisitions, mergers or divestitures.'' Dickson said Mobil's stock has gyrated on similar speculation since the latest round of oil industry mergers began. Analysts have been predicting widespread consolidation in the business since this summer, when British Petroleum stunned stun tr.v. stunned, stun·ning, stuns 1. To daze or render senseless, by or as if by a blow. 2. To overwhelm or daze with a loud noise. 3. the oil industry with its $49 billion agreement to purchase Amoco Corp. |
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