Read an article about it from emii.com:
Exxon Mobil is acquiring XTO Energy in a $31 billion all-stock deal, The Wall Street Journal reports. The oil major will additionally assume $10 billion in XTO debt as part of the deal.
XTO will be using the proceeds for expansion, while Exxon will be expanding its resource base, mainly in U.S. shale. XTO holders will get 0.7098 share of Exxon for each share of XTO, valuing XTO’s stock at $51.69. Investment bank, Jefferies, advised XTO on the deal, which is likely to close by the middle of 2010.
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