Mergers and Acquisitions: Denbury Divests Bakken Shale, Xstrata’s Deadline Nears
These were Thursday’s top stories:
Denbury Resources Inc. (NYSE:DNR) will divest its Bakken shale assets in North Dakota and Montana to Exxon Mobil Corporation (NYSE:XOM) for the price of $1.6 billion, along with Exxon’s operating interests in the Webster Field in Texas and Hartzog Draw Field in Wyoming. The Bakken shale assets are comprised of approximately 196,000 net acres with an anticipated output in the second half of 2012 in excess of 15,000 barrels of energy equivalent per day.
The board of Xstrata Plc (XSRAF.PK)( XSRAY.PK) might recommend Glencore International Plc’s (GLCNF.PK) revised bid for the firm, in an announcement that could come as early as Friday, according to The Financial Times. Meanwhile, the boards of both entities are meeting Thursday to review the final details, with the deadline given by regulators being Monday.
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