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. Last Updated: 07/27/2016

FTC to Approve Deal

WASHINGTON -- An $81 billion merger between Exxon Corp. and Mobil Corp. will win the blessing of federal regulators Tuesday, according to sources, ending a year of intense negotiations and creating a new colossus among the handful of oil superpowers that dominate the industry.

Federal Trade Commission staff members are expected to recommend the approval of the merger early Tuesday, with the agency's five commissioners voting in favor of the deal later in the day. The combined company will be called Exxon Mobil Corp.

The FTC's action will set in motion a sweeping realignment of 120,000 employees at both companies, including 2,000 at Mobil's headquarters in Fairfax, Virgina. The new company will be based in Irving, Texas.