Chevron To Buy Texaco In $35B Deal

Monday, October 16, 2000
Chevron Corp., the second-largest U.S. oil company, has agreed to buy third-ranked Texaco Inc. in a $35 billion stock deal that will form an energy powerhouse, sources familiar with the situation said. If approved by regulators, the deal will be the latest in a wave of transactions that reshaped the industry by creating behemoths such as Exxon Mobil and BP Amoco. Chevron and Texaco rank as the world's fifth- and seventh-largest oil companies and long have been viewed as ripe to participate in the consolidation sweeping the industry. The new company, to be called Chevron Texaco Corp., will also go head-to-head against other industry leaders like Royal Dutch/Shell and TotalFina Elf. The boards of both companies approved the deal on Sunday after details of the transaction were finalized over the weekend, said the sources, who spoke on condition of anonymity. Details of the transaction had leaked out over the past few days and a formal announcement was expected early Monday morning. The new company will be run by current Chevron boss O'Reilly, the sources said. Texaco head Peter Bijur will serve as vice chairman of the combined company and will be responsible for refining and marketing operations, power and chemicals.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Port of Caen Orders Damen ASD Tug 2810

The Port of Caen/Chamber of Commerce & Industry Caen Normandy (Chambre de Commerce et d’industrie de Caen Normandie) has placed an order for a Damen ASD Tug 2810.

MAN Bags Danaos Shipping Propeller Order

MAN Diesel & Turbo has won the order to supply Danaos Shipping Co. Ltd. with fixed pitch Kappel propellers, propeller boss caps with fins, and Engine Power Limitation

Offshore

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Østensjø Rederi Orders Another Wind Farm Vessel

Rolls-Royce has signed a contract with shipyard Astilleros Gondan in Spain to design and equip a second Service Operation Vessel for ship owner Østensjø Rederi.

Prosafe Appoints Interim Chairman of the Board

Prosafe, owner and operator of semi-submersible accommodation vessels, informs that its Chairman, Harald Espedal, has notified the company that he will step down

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0726 sec (14 req/sec)