Chevron Says Noble Acquisition Complete [UPDATE]
US major Chevron said October 5 it considers its acquisition of Noble Energy complete, following voting by Noble Energy's shareholders on October 2 approving the company's acquisition.
"We are pleased to welcome Noble Energy’s employees and shareholders to Chevron," Chevron CEO Michael Wirth said. "Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits."
The all-stock transaction, first announced in July, will see Noble shareholders receive 0.1191 shares in Chevron for each share in Noble. According to regulatory filings, 89% of Noble shareholders voted in favour of the deal, although only 60% supported merger-related executive payouts.
"Today’s approval marks an important milestone on the path to becoming part of an even stronger global energy platform," Noble CEO David Stover said. "We thank our shareholders and other stakeholders for recognising the many benefits that will be realised, and the significant value that will be created, through this combination."
The deal will expand Chevron's US unconventionals business and give it a bigger position in the East Mediterranean, where Noble controls the giant Leviathan gas field off Israel. Israeli regulators approved the deal in mid-September.