US approves Exxon-Mobil merger

Wednesday 01 December 1999 00:02 GMT

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US approves Exxon-Mobil merger

THE US GOVERNMENT yesterday approved Exxon's $82bn (pounds 51bn) purchase of Mobil, creating the largest publicly traded oil company in the world. To achieve the merger, the new company agreed to divest 2,431 petrol stations, pipeline interests, the Benicia refinery near San Francisco and other assets.

Exxon's chairman, Lee Raymond, said: "Exxon and Mobil moved quickly to close the transaction and to launch the world's premier petroleum and petrochemical company, which will be known as Exxon Mobil Corp."

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