Shareholder Group Sues Chevron: A Chevron Corp....
From Times Staff and Wire Reports
Shareholder Group Sues Chevron: A Chevron Corp. shareholder group sued the company in Delaware chancery court to block part of a new poison pill plan aimed at thwarting a hostile takeover. The suit seeks to block an amendment to Chevron’s shareholder rights plan that lowers to 10% from 20% the amount of stock needed to trigger the plan. The suit also seeks to rescind part of a Chevron financing agreement that blocks banks from financing third-party purchases of Chevron stock.
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