FTC finally clears Exxon-Mobil merger

The US Federal Trade Commission has voted 4-0 to allow Exxon Corp. to acquire Mobil Corp. for $81 billion but will require the firms to shed many assets.Reports also said approval of the Exxon-Mobil combination will make it harder for BP Amoco PLC to acquire ARCO.Exxon and Mobil had said the merger would allow them to reduce costs and better compete worldwide against government-owned oil companies. The combined firm will have 120,000 employees, $138 billion in assets, and 3.8% of world oil output. Exxon and Mobil accepted FTC's terms and filed papers in New Jersey and Delaware, where they are incorporated, officially creating the new company.Thirteen state attorneys general approved th...

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