Exxon Shareholders Approve Mobil Merger

Dallas (ots-PRNewswire) - Exxon (NYSE: XON) shareholders today overwhelmingly voted to approve the proposed Exxon Mobil merger at Exxon's 117th Annual Meeting in Dallas. More than 99 percent of the shares voted were cast in favor of the historic merger. Exxon shareholders also approved amending Exxon's charter to increase the number of authorized shares of common stock from 3 billion to 4.5 billion shares. L.R. Raymond, chairman and CEO of Exxon, said he welcomed the shareholder vote in favor of the merger. "Today's vote is a significant milestone; however, several conditions must be completed before the merger can be accomplished. These conditions include completion of merger regulatory reviews in the U.S. and Europe in accordance with the merger agreement." Completion of these regulatory reviews is expected by about the end of the third quarter of 1999. Raymond said that the proposed merger of Exxon and Mobil (NYSE: MOB) "will provide many advantages that would not be available to the same degree to Exxon alone. These advantages include the near-term cost efficiencies and operating synergies common to many mergers today. But more important are the long-term benefits that we believe Exxon Mobil will achieve from improved capital productivity." Mr. Raymond also said that the scale of the new company "will help us compete more effectively" in the rapidly changing, highly competitive market. "New competitors are emerging in all segments of our business, including the expansion of state-owned oil companies beyond their traditional areas," he said. "The greater financial, technical and human resources provided by this merger will increase our ability to handle large, complex international energy projects." ots Original Text Service: Exxon Corporation Internet: http://www.newsaktuell.de Contact: Ed Burwell of Exxon Corporation (USA) 972-444-1108 Web site: http://www.exxon.com

Klíčová slova

Praha, Česká republika (ce)


Přihlásit k odběru

Materiály označené značkou Protext nejsou součástí zpravodajského servisu ČTK a nelze je publikovat pod její značkou. Jde o komerční sdělení zadavatele, který je ve zprávě označen a který za ně nese plnou odpovědnost.