Monday, January 4, 2010

ExxonMobil Corporation (XOM)

ExxonMobil Corporation (XOM)
All share bid for XTO at 25% premium to close

XOM announces agreed bid for XTO for $41bn: The bid will see XOM
issue 0.7098 shares per XTO share – equivalent to 412m new XOM shares.
The company will also assume $10bn of XTO net debt, bringing total
transaction value to $41bn. The transaction works out at 7.5x 2010e
EV/EBIDAX, and is initially viewed as being only modestly (1%-2%) dilutive
to XOM 2010e EPS and CFPS. The per-share valuation of $51.7 is a 17%
premium to our XTO NAV. (Credit Suisse)

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