IRVING, Texas (
on Monday said it will purchase
for $41 billion in stock.
Exxon has agreed to issue 0.7098 common shares for each common share of XTO. The deal represents a 25% premium to XTO stockholders. The transaction value includes $10 billion of existing XTO debt and is based on the closing share prices of Exxon and XTO on Friday.
XTO is one of the biggest producers of natural gas in the U.S. Exxon said the deal will "enhance
its position in the development of unconventional natural gas and oil resources."
Shares of Exxon are slipping 1.1% to $72 in recent premarket trading.
-- Reported by Jeanine Poggi in New York.
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