September 10, 2020
Leviathan platform in the Mediterranean Sea, Offshore Israel – Credit: Noble Energy
Activist investor Elliott Management is seeking to break up Noble Energy Inc’s $5 billion sale to oil major Chevron Corp, a Bloomberg reporter tweeted on Wednesday.
A notice posted on the U.S. Federal Trade Commission website on Tuesday showed the hedge fund had built a stake in Noble Energy.
In response to the tweet, Braden Reddall, manager, external affairs at Chevron, said the company’s offer “represents a fair value for the business and that the transaction will create long-term value for shareholders of both companies.”
“We continue to expect the transaction to close in the fourth quarter,” Reddall added.
Elliott declined to comment. Noble Energy did not immediately respond to a Reuters request for comment.
(Reporting by Shariq Khan and Shruti Sonal in Bengaluru; Editing by Aditya Soni)