Denbury gains on $4.9 bln buyout agreement with Exxon Mobil

Denbury

13/07/2023 13:38

** Shares of oil and gas co Denbury  DEN.N  rise 1.1% to
$88.75 premarket 
    ** Oil major Exxon Mobil  XOM.N  to acquire DEN in an
all-stock deal valued at $4.9 bln
    ** Denbury shareholders will get 0.84 Exxon shares for each
DEN share they hold, as per deal terms, implying a premium of
1.93% on last close according to Reuters calculations 
    ** "The acquisition of Denbury provides ExxonMobil with the
largest owned and operated carbon dioxide pipeline network in
the U.S." - XOM
    ** Transaction expected to close in the fourth quarter of
2023
    ** Up to last close, DEN is marginally up YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))