Exxon’s $60 Billion Pioneer Buyout Draws Pension Fund Lawsuit

A pension fund is suing Pioneer Natural Resources Co. ahead of a planned $60 billion sale to ExxonMobil Corp., citing fears Pioneer’s leaders may have hidden news about Exxon’s finances that threatened the deal’s value to Pioneer shareholders.

The lawsuit was docketed in Delaware’s Chancery Court on Wednesday, the same day the all-stock transaction was set to receive a vote from Pioneer’s investors. The sale is expected to close in the first half of the year, according to a Feb. 2 statement by ExxonMobil, which isn’t named as a defendant. The companies announced the deal in October.

The Operating ...