P.M. BRIEFING : Chevron Selling Workers Stock

From Times Wire Services

Chevron Corp. said today that an employee stock-ownership plan will own 5% of Chevron's outstanding common stock after the company sells newly issued shares to the ESOP.

Chevron also plans to buy back an equal number of shares on the open market, which the company said would boost the percentage of shares held by employee programs to about 16%.

The new ESOP will borrow about $1 billion from banks to buy the Chevron common stock, the company said.

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