ExxonMobil closing in on $60bn deal to buy Pioneer Natural Resources

ExxonMobil is nearing a $60 billion takeover of one in every of America’s main fracking corporations in what can be its largest deal in 1 / 4 of a century.

The world’s largest impartial oil and fuel group is in superior talks to buy Pioneer Natural Resources, one of many prime producers in the large Permian shale oil area. The deal would rank as Exxon’s largest since its $81billion takeover of Mobil in 1998.

Exxon was mentioned to have held preliminary talks with Pioneer earlier in the yr and now The Wall Street Journal has reported that the businesses are approaching an settlement and will announce a deal shortly.

Pioneer had a market capitalisation of about $50 billion earlier than the reviews and Exxon was valued at $436 billion,

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