Slide2 Istoric
1870
CompaniaStandard Oil care a fost
fondata in 1870 fiind detinuta de unul
dintre cei
mai influenti oameni ai
Statelor Unite, John D. Rockefeller;
1904
Compania a avut foarte mult de suferit in
1904 dupa ce Ida Tarbell a dezvaluit mai
multe nereguli in cadrul companiei cu o
ancheta numita Istoria companiei
Standard Oil. Din aceasta cauza
guvernul american s-a vazut nevoit sa ia
masuri impotriva companiei, astfel ca 7
ani mai tarziu, Curtea Suprema a SUA
decidea ca Standard Oil sa fie dizolvata
si impartita in alte 34 de companii. Doua
dintre acestea au fost Jersey Standard
(Standard Oil Company of New Jersey),
care mai tarziu a devenit Exxon, si
Socony (Standard Oil Company of New
York), care intr-un final a devenit Mobil.
1999
ExxonMobil
Slide3 the big deal
Fuziunea ExxonMobil a fost considerate cea mai mare fuziune corporate din istoria SUA la acea
vreme.
n cadrul acordului de fuziune, o filial Exxon ar fuziona n Mobil, astfel nct Mobil devin o
filial deinut integral de ExxonMobil. Ca urmare, Exxon ar deine 100 la suta din Mobil.
10 days before the completion of the merger, Exxon market value was $184.5 billion ($76 a
share) and Mobil $77.1 billion ($98.5 a share). Pro forma market value of merged company
was $261.6 billion. Right after the merger was completed, the share price of combined ExxonMobil was $80.56 with 3,461.5 million shares outstanding, which gave $278.8 billion market
value or $17.2 billion of additional value created. This figure would be even higher if we
consider pre-announcement pro forma combined market value of $233.7 billion.
Slide4 motivele fuziunii
The motivations for the Exxon-Mobil merger reflected the industry forces. Companies needed a
secure presence in the regions with high potential for oil/gas discoveries and stronger position to
make large investments. The benefits of the merger fell broadly in two categories: near-term
operating synergies and capital productivity improvements
Near-term operating synergies.
$2.8 billion in annual pre-tax benefits from operating synergies (increases in production, sales
and efficiency, decreases in unit costs and combining complementary operations). Management
expected to realize the full benefits by the third year after the merger. During the first two years,
the benefits should have been partly offset by one-time costs at $2 billion for business
integration. The firms also planned to eliminate about 9,000 jobs. A year later, pre-tax annual
savings were re-assessed and increased to $3.8 billion.
Capital productivity improvements. Management also believed the combined company could
use its capital more profitably than either company on its own. These improvements were
realized due to efficiencies of scale, cost savings, and sharing of best management practices. The
businesses and assets of Exxon and Mobil were highly complementary in key areas. In the
exploration and production area, for example, Mobil's and Exxon's respective strengths in West
Africa, the Caspian region, Russia, South America, and North America lined up well, with
minimal overlap. The firms also had a presence in natural gas, with combined sales of about 14
bcfd. And Mobil contributed its LNG assets and experience to the venture.
There were technology synergies as well. In upstream, Exxon and Mobil owned proprietary
technologies in the areas of: deepwater and arctic operations, heavy oil, gas-to-liquids
processing, LNG, and high-strength steel. In downstream, their proprietary technology focused
on refining and chemical catalysts. Exxons lube base stocks production fitted well with Mobil's
leadership in lubes marketing.[29] Generally, the Exxon-Mobil deal was a move by the dominant
partner to increase its asset base by 30 percent while raising capital productivity.
Slide 5
The world's 7th largest company by revenue, ExxonMobil is also the second largest publicly
traded company by market capitalization. With oil refineries in 40 countries constituting a
combined daily refining capacity of 6.3 million barrels (1,000,000 m3), ExxonMobil is the largest
refiner in the world, a title that was also associated with Standard Oil since its incorporation in
1870.
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