FTC Expected to OK Exxon-Mobil Merger

The Federal Trade Commission is expected to approve Tuesday the $81-billion merger of Exxon Corp. and Mobil Corp., after the No. 1 and 2 U.S. oil giants agreed to huge divestitures, sources familiar with the deal said. Exxon and Mobil have agreed to divest about 2,400 retail gasoline stations across the country, including a reported 360 in California, as well as a Bay Area refinery and other assets, representing the largest divestiture in FTC history, the sources said. The biggest piece of the government deal is the divestiture of 1,700 stations from Maine to Virginia. Before the deal was disclosed, Exxon shares lost $1.13 to close at $78 and Mobil gained 3 cents to $102.94 on the New York Stock Exchange.