Finance History|11 Wall Street — XON and MOB Stopped and XOM Opened
· 1999-12
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Finance History|11 Wall Street — XON and MOB Stopped and XOM Opened
kevin
People treat ExxonMobil as a New Jersey oil major that always printed XOM after a finished upstream and refining book.
The November 1999 issuer was still Exxon Corporation. On 30 November 1999 the Federal Trade Commission approved a consent order and the merger with Mobil Corporation closed the same day.
Exxon changed its name to Exxon Mobil Corporation. Each outstanding Mobil common share became 1.32015 shares of ExxonMobil common. The last separate closes were 79 5/16 dollars for XON and 104 3/8 dollars for MOB, in 1999 currency.
Regular-way trading under the new letters XOM began on the New York Stock Exchange on 1 December 1999. The old XON and MOB prints stopped.
The deal had been announced on 1 December 1998 at about 81 billion dollars in 1998 currency. The Commission required the sale of thousands of branded stations as the price of clearance.
The mechanism is a ticker change after a stock merger. No new cash issue funded the combination. Two listed Standard Oil successor books became one listed common.
The pin is the Broad Street facade of the Exchange on the morning the combined tape opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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