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Wall Street refreshes year highs on Dubai’s bailout, XTO deal

Published: 15/12/2009 05:00

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Wall Street refreshed the highs of 2009 on Monday as Abu Dhabi provided a 10-billion-U.S.-dollar bailout to Dubai while Exxon Mobil is to acquire XTO Energy for 31 billion dollars.

Exxon Mobil CEO Rex W. Tillerson addresses reporters at a news conference at the conclusion of the Exxon Mobil Shareholders Meeting in Dallas, Texas May 27, 2009. (Xinhua/Reuters File Photo)

Global equity markets rallied on Monday after the Abu Dhabi government agreed to fund 10 billion dollars to Dubai to meet upcoming obligations on Dubai World.

Dubai World is restructuring its debt of 26 billion dollars, of which a 4.1-billion-dollar debt is due on Monday.

Abu Dhabi’s pledge, which sent world stocks mostly higher, helps ease investor fears that the emirate will default on its debt and slow the global economic recovery.

Moreover, Exxon Mobil said it will acquire XTO Energy in an all-stock transaction valued at 31 billion dollars on speculation that U.S. emissions restrictions will spur increased demand for natural gas.

XTO, based in Fort Worth, Texas, is one of the leading developers of unconventional resources including shale oil and gas or gas trapped in sands.

The deal, which is subject to XTO shareholder approval and expected to close in the second quarter next year, would be the eighth-largest deal ever in the energy and power sector.

Exxon’s shares fell 4.3 percent to 69.69 dollars while XTO shares jumped more than 15 percent to 47.86 dollars on the New York Stock Exchange.

Shares of Citigroup, recipient of the biggest U.S. bank bailout, fell more than 6 percent, to 3.70 dollars after the company said it will pay back bailout money.

The New York-based bank has received 45 billion dollars as part of the government’s Troubled Asset Relief Program. It will raise the funds with a sale of 20.5 billion dollars of equity and debt.

The Dow Jones rose 29.55, or 0.28 percent, to 10,501.05. Broader indexes also went higher. The Standard & Poor’s 500 index added 7.70, or 0.70 percent, to 1,113.25 and the Nasdaq rose 21.79,or 0.99 percent, to 2,206.04.

VietNamNet/Xinhuanet

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Wall Street refreshes year highs on Dubai’s bailout, XTO deal - International - News |  vietnam travel company

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