Some analysts believe that Exxon Mobil Corporation’s (NYSE:XOM) $1.6 billion acquisition of Bakken oil assets is “still not big enough for Big Oil”, as Fadel Gheit at Oppenheimer notes that more will be needed to really register on the lineup of such a huge company. JPMorgan says that Exxon could outperform its peer group by using its balance sheet on big purchases which are accretive or take place at favorable prices.
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The Cnooc Limited (NYSE:CEO) – Nexen, Inc. (NYSE:NXY) saga clears up just a little bit as a court in Canada has allowed the $15.1 billion purchase, according to the former on Friday. On Thursday, Nexen’s shareholders approved the deal by nearly a unanimous vote, so now all that is left to do is get regulators in Canada, China, and the United States on board.
The European Commission has okayed Universal Music’s $1.9 billion acquisition of EMI’s recorded music division from Citigroup Inc. (NYSE:C) subsequent to the buyer’s promises to divest a number of labels, among which include Chrysalis, Mute and Parlophone. However, Universal will retain the rights to The Beatles, which comprise part of Parlophone’s catalog.
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