Chevron Completes Huntington Beach Co. Deal
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Chevron Corp. said it has completed an $80-million acquisition of the 102,000 shares of the Huntington Beach Co. it does not already own. Chevron already owned 66% of the real estate development and mineral firm headquartered in Huntington Beach.
The deal, a tax-free exchange of stock, calls for shareholders of the Huntington Beach Co. to receive 14.77 shares of Chevron common stock for each of their shares of Huntington Beach Co. common stock. Huntington Beach Co. shareholders approved the transaction at a special meeting Feb. 10 by a vote of approximately 94% of the outstanding shares.
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