It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.

Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanio with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Pre-market hanging on to some gains, even as September PPI runs a bit warm, stirring some jitters about CPI tomorrow. Meantime, biggest M&A deal of the year,

an Exxon Pioneer. Burkestock going public today will keep the NYSC floor busy. A roadmap begins,

though, with PPI coming in a bit hot. Investors also digesting some Fed speak from Daly, from Koshkari,

monitoring the Israel-Hamas war with Secretary Yellen, saying nothing's off the table for Iran sanctions. Plus Exxon Mobil agrees to buy Pioneer. It's about a $60 billion all-stock deal. We will of course give you the latest. And it's another big test for the IPO market this morning. Shoe brand Birkenstock making its public debut. That's how they pronounce it. You're too much.

Right here at the NYC. CEO's going to join us here at post nine. That'll be in the next hour.

All right, let's start with that massive deal in the energy sector. Exxon Mobile agrees to buy Pioneer.

The price tag, $253 a share. It's all Exxon stock. So in this case, when Exxon moves down, the overall value of the deal is impacted. Therefore, it is no longer 253, but not that far off from that price. They are talking about significant synergies as much as $2 billion. Total annual average value over the next decade.

2.324 ExxonMobil shares.

It's an 18% premium.

A little background that I got, Jim,

obviously want to get your take.

You know this company Pioneer so well.

My understanding is, having spoken to people,

familiar with the old situations, we like to to say that they've been kind of talking on and off for two years.

But things only sort of got more serious of late.

We've talked about the spring and what may or may not have happened there, but really it's more recent than that.

And it does seem to be

tied as this time as to why I was able to get to the finish line, in part because Mr. Sheffield

is having succession. He is stepping down at the end of the year. Apparently as well, there was a

belief that his people, so to speak, are going to be treated well. That's what I've been told

in the sense of. That synergy number I just shared is going to be treated well. That's what I've been told in the sense of that synergy

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