DALLAS - Exxon Mobil Corp (NYSE:XOM).'s planned $60 billion acquisition of Pioneer Natural Resources (NYSE:PXD) Co. has encountered a regulatory hurdle as the Federal Trade Commission (FTC) launched an inquiry into the deal.
According to an SEC filing by Pioneer on Monday, additional information has been requested by the FTC.
Despite this setback, both Exxon Mobil and Pioneer Natural Resources remain optimistic about the transaction's prospects. They expressed confidence that the acquisition will be finalized in the first half of 2024, even as they comply with the extended mandatory waiting period imposed by the FTC's inquiry.
The acquisition, which represents one of the largest in the energy sector, is a significant move for Exxon Mobil as it aims to bolster its portfolio amidst a dynamic and changing energy landscape. The pause in proceedings underscores the rigorous scrutiny such large-scale deals attract from regulatory bodies, tasked with ensuring fair competition and market health.
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