Exxon Mobil buys Celtic for $2.6bn

Exxon Mobil agreed yesterday to buy Celtic Exploration for C$2.6bn (£1.6bn), as the world's largest publicly traded energy company looks to raise its presence in some of Western Canada’s most promising shale oil and gas regions. Exxon said its Canadian subsidiary, ExxonMobil Canada, will pay C$24.50 for each share of Celtic, a 35 per cent premium to Celtic’s closing price on the Toronto Stock Exchange on Tuesday but below its 52-week high of C$27.08.