Exxon to Buy Pioneer for $60 Billion to Dominate Shale Oil (3)

Exxon Mobil Corp. agreed to buy Pioneer Natural Resources Co. for $59.5 billion, the supermajor’s largest takeover in more than two decades, as it seeks to become the dominant producer of shale oil.

Exxon will pay $253 per share in an all-stock deal, according to a statement on Wednesday. The agreement paves the way for Exxon’s biggest acquisition since merging with Mobil Corp.in 1999 and is the world’s largest corporate takeover announced this year.

WATCH: Exxon CEO Darren Woods and Pioneer Natural Resources CEO Scott Sheffield explain why the two companies agreed to combine.

Source: Bloomberg

The transaction amounts to an 18% premium for Pioneer investors, based on the closing price on Oct. 5, when reports of the impending deal ...