Teamsters Sue To Halt $41B Exxon-XTO Energy Deal

Law360, New York (December 18, 2009, 5:24 PM EST) -- Teamsters Allied Benefit Funds has filed a proposed class action on behalf of XTO Energy Inc.'s shareholders, seeking to stop the oil and gas producer's acquisition by Exxon Mobil Corp. in a $41 billion all-stock transaction.

The Teamsters filed their complaint Thursday in the Chancery Court of the State of Delaware, accusing the two energy companies of breaching their fiduciary duties to XTO's shareholders in the recently announced tie-up.

The Teamsters' complaint calls the merger agreement “fundamentally unfair” to the company's shareholders, claiming that the intrinsic...
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