BP (BP) kicked off the merger-mania in 1998 when it forked over $48.2 billion deal for Amoco. Not to be outdone, Exxon announced plans one year later to buy Mobil for $82 billion. At the time, Exxon was the world's No. 1 oil company. Mobil was No. 2. Other oil companies followed up with their own acquisitions, including Chevron (CVX) buying Texaco for $100 billion in 2000.
But Exxon had already solidified its position as the top dog in a deal that was memorable for uniting competitors. "It was very significant because Exxon and Mobil were bitter rivals, like Coke and Pepsi," said Dennis Cassidy, co-head of the oil and gas practice at consulting firm AlixPartners. Their tie-up suggested
that struggling oil companies would do anything to compete — even team up with rivals — as they waited for market conditions to improve, Cassidy said.
Industry watchers expect a similar M&A trend as oil companies, including Exxon, seek to compete with Royal Dutch Shell's $70 billion acquisition of London's BG Group, announced Wednesday.
Read full article here: http://www.usatoday.com/story/money/2015/04/08/shell-bg-oil-lng-gas-merger-energy/25452779/
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