Chevron Offers to Buy Rest of Noble Midstream in Stock Swap
February 05 2021 - 6:51AM
Dow Jones News
By Colin Kellaher
Chevron Corp. on Friday said it made a nonbinding proposal to
acquire the rest of midstream infrastructure company Noble
Midstream Partners LP in a stock swap.
The San Ramon, Calif., oil giant, which already owns roughly
62.5% of Noble, said it offered to exchange $12.47 of stock for
each remaining unit, equal to Thursday's closing price.
Chevron said the proposed deal would combine two highly
integrated businesses while streamlining governance of Noble's NBLX
assets, which primarily serve Chevron as its largest customer.
Chevron said any transaction would be subject to negotiations
and approval by the board of Noble, which was originally formed by
Noble Energy Inc. Chevron acquired Noble Energy last year.
Noble Midstream units rose 6.2% to $13.24 in premarket
trading.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 05, 2021 06:36 ET (11:36 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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