Exxon Mobil Corp. has agreed to buy Celtic Exploration Ltd. for $2.86 billion in cash and stock.
- The deal will see Celtic’s shareholders receive $24.50 a share (a 35% premium), as well as a half share in the new company
- Exxon to assume $240 million of debt
- Signals that major oil/ energy companies are now aware of Canada’s vast potential in uncoventional energy
- Largest Exxon take over since 2010’s takeover of XTO Energy
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