The Rising Influence of Rising Affluence

[DewDiligence]

XOM acquires CLT.T for $3.1B in cash and stock—a 35% premium to yesterday’s closing price:

http://online.wsj.com/article/SB10000872396390444734804578062301449159048.html

Calgary, Alberta-based Celtic said Exxon Mobil's Canadian unit is offering C$24.50 a share for its outstanding shares, plus half a share of a new company, representing a 35% premium to Celtic's closing price of C$18.12 in Toronto Tuesday.

…The Celtic assets being acquired include 545,000 net acres in the liquids-rich Montney shale, 104,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta. Celtic is focused on exploration, development and production of crude oil and natural gas resources primarily in west central Alberta.