Pioneer Natural Resources rises after US FTC signals Exxon deal approval
02/05/2024 15:13
** Shares of Pioneer Natural Resources PXD.N up 1.5% at
$271.75
** U.S. Federal Trade Commission says it is prepared to
greenlight Exxon Mobil's XOM.N $60 billion bid to buy PXD, but
bars former PXD CEO from joining board
** FTC's consent order prevents PXD's former CEO Scott
Sheffield from joining the XOM's board to resolve antitrust
concerns it has about the deal
** "Mr. Sheffield's past conduct makes it crystal clear that
he should be nowhere near Exxon's boardroom" - Kyle Mach, deputy
director of FTC's Bureau of Competition
** FTC claims Sheffield used his position "to align oil
production across the Permian Basin in West Texas and New Mexico
with OPEC+
** PXD says it disagrees and is surprised by FTC's complaint
but wants the deal to close
** XOM shares up 0.9% at $117.07
** Including sessions' move, stock up 20.8% YTD
(Reporting by Vallari Srivastava in Bengaluru)
((Srivastava.Vallari@thomsonreuters.com;))