The deal, at $253 per share, values Pioneer at an almost 7% premium to its closing value of about $55.4 billion Tuesday. Exxon's stock dropped less than 1%. The deal is Exxon's largest since its $75 billion merger with in the late 1990s and is the largest corporate transaction so far this year. The Wall Street Journal reported last week that Exxon and Pioneer were closing in on the tie-up. Exxon's all-stock transaction leans heavily on its higher share price relative to its peers over the last year.

Source: Wall Street Journal October 11, 2023 10:59 UTC