The world's biggest oil producer has agreed to buy 20% of Reliance Industries' chemicals and refining business in a deal valued at $15 billion.
In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.
The settlement requires Exxon to spend $300 million on plant upgrades but activists call the $2.5 million fine "a slap on the wrist."
The demise of the merger is a "high water mark for U.S. activist investors, which have increasingly turned their attention to European companies."
The deal may help clear the way for European authorities to approve Bayer's acquisition of Monsanto early next year.
“This is the perfect deal at the right time,” Clariant CEO Hariolf Kottman says of the merger of equals.
The German company's largest-ever deal gives it access to high-margin chemicals used in sun lotion and paint.
