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Chevron Completes Noble Acquisition

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US major Chevron announced Monday that it has completed its $13 billion acquisition of Noble Energy after Noble’s shareholders overwhelmingly approved the deal on Friday. Chevron's purchase of Noble amounts to a vote of confidence in Eastern Mediterranean gas and LNG exports (LNGI Aug.3'20). Noble is a leading LNG developer in the eastern Mediterranean with discoveries and production offshore Israel. Noble also holds acreage in the Permian Basin in Texas, the Denver-Julesburg Basin in Colorado and offshore West Africa, as well as a majority stake in a publicly traded midstream business. Chevron announced the all-stock transaction in July, in which it would pay $10.38 per share – a 7.5% premium -- and take on another $8 billion in Noble debt (OD Jul.20'20). In early September, New York hedge fund Elliot Management, run by billionaire Paul Singer, took a stake in Noble with the reported intention to thwart Chevron’s takeover (OD Sep.9'20). “We are pleased to welcome Noble Energy’s employees and shareholders to Chevron,” said Chevron CEO Michael Wirth. “Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio, and the combination is expected to deliver strong financial benefits.”

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