Map
Case

Exxon–Mobil merger (1998–1999) and the FTC consent order

On 1 December 1998 Exxon agreed to buy Mobil, with each Mobil share exchanged for about 1.32 Exxon shares; the BBC reported about 9,000 job losses (BBC). On 30 November 1999, after a review of some 11 months, the US Federal Trade Commission accepted a consent order requiring the sale or assignment of about 2,431 gas stations, the Benicia, California refinery and other assets, its largest retail divestiture (FTC); the merger closed the same day (ExxonMobil).

Industry
Integrated oil and gas (USA)
Frameworks applied
Types of M&A by relatedness
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Frameworks applied

This case is read through the frameworks below.

  • Types of M&A by relatednessWhen a leadership team is weighing an acquisition or merger, is the target's business related enough to its own to create real synergy?

Sources

References

Listed A–Z by author surname, Harvard style. A source with a DOI links to https://doi.org/…; one without links to its page or says plainly that it has no DOI.

  1. BBC News (1998) Jobs slashed at new oil colossus. BBC News, The Company File.No DOInews.bbc.co.ukSource page
  2. Exxon Mobil Corporation (1999) Form 8-K, Exhibit 99: Exxon and Mobil confirm Federal Trade Commission approval of merger (press release of 30 November 1999). Washington, DC: U.S. Securities and Exchange Commission.No DOIinvestor.exxonmobil.comSource page
  3. Federal Trade Commission (1999) Exxon/Mobil Agree to Largest FTC Divestiture Ever in Order to Settle FTC Antitrust Charges; Settlement Requires Extensive Restructuring and Prevents Merger of Significant Competing U.S. Assets. FTC press releases.No DOIftc.govCited in 1 article