In 1999, Exxon and Mobil, two of the largest oil and gas companies in the world, announced their intention to merge in a deal valued at $80 billion. The merger, which was completed in 2000, created a new company called ExxonMobil, which became the largest publicly traded oil and gas company in the world.
The merger was met with some resistance from government regulators, who were concerned about the potential for the combined company to have too much market power and to engage in anti-competitive practices. In order to gain approval for the merger, Exxon and Mobil agreed to divest certain assets, including approximately 2,400 gas stations and a refinery in California.
Despite these concessions, the merger faced strong opposition from consumer advocates and environmental groups, who argued that the combined company would be able to wield too much influence over the global energy market. Some opponents of the merger also argued that the divestitures that Exxon and Mobil agreed to were insufficient to address concerns about competition.
Despite this opposition, the merger was eventually approved by the Federal Trade Commission (FTC) and completed in 2000. In the years following the merger, ExxonMobil has faced criticism for its environmental practices and its role in climate change. The company has also faced legal challenges related to its handling of the Exxon Valdez oil spill in 1989 and its failure to properly disclose the risks of climate change to investors.
Overall, the ExxonMobil merger was a significant event in the history of the global energy industry. The combined company's size and influence has made it a major player in the market, and its actions have had significant impacts on both the energy industry and the global economy.
