XOM - Jim Cramer Urges Reevaluation Following Pioneer's $60B Exxon Deal: 'I Will Sell Every Share...' | Benzinga
Renowned market commentator Jim Cramer plans to sell his entire stake in Pioneer Natural Resources (NYSE:PXD) after its takeover by Exxon Mobil (NYSE:XOM). This decision comes in the wake of the recently announced all-stock deal, which values Pioneer at $59.5 billion.
According to a CNBC report, the takeover price was roughly 18% above Pioneer’s closing stock price on Oct. 5, just before The Wall Street Journal reported talks of the acquisition. The deal is expected to conclude in the first half of 2024.
Cramer, who owns 300 shares of Pioneer through his Charitable Trust, said, “I will sell every share of Pioneer the moment I’m allowed to because I have tremendous regard for my Charitable Trust’s performance and this is not what I wanted.”
The Trust is restricted from trading any stock mentioned on CNBC television for three subsequent trading sessions.
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