August 25, 2020
Credit: Noble Energy
Oil and gas company Noble Energy has set a date for a shareholder vote on the company’s proposed takeover by Chevron.
As previously reported, Chevron in July announced a deal to acquire Noble Energy in an all-stock deal valued at around $5 billion, with Noble
Energy shareholders set to receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value, including debt, of the transaction, is $13 billion.
Noble Energy said Monday that the Special Meeting of Shareholders to approve the pending combination with Chevron would take place on Friday, October 2, 2020. Due to the COVID-19 pandemic, the special meeting will be held in a virtual meeting format only.
The company’s Board of Directors has unanimously recommended that its shareholders vote in favor of the merger proposal.
Announcing the proposed acquisition of Noble Energy last month, Chevron said the transaction would provide it with low-cost, proved reserves and attractive undeveloped resources that will enhance an already advantaged upstream portfolio.
„Noble Energy brings low-capital, cash-generating offshore assets in Israel, strengthening Chevron’s position in the Eastern Mediterranean. Noble Energy also enhances Chevron’s leading U.S. unconventional position with de-risked acreage in the DJ Basin and 92,000 largely contiguous and adjacent acres in the Permian Basin,“ Chevron said.
The U.S. Federal Trade Commission granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on Thursday, August 20, 2020. Noble Energy and Chevron expect to close the transaction early in the fourth quarter following Noble Energy shareholder approval.