Pennzoil Can Boost Chevron Stake: The Federal...
From Times Staff and Wire reports
Pennzoil Can Boost Chevron Stake: The Federal Trade Commission has allowed Pennzoil Co. to proceed with previously announced plans to boost its 8.8% stake in Chevron Corp., Pennzoil said. In a filing with the Securities and Exchange Commission, Pennzoil said the FTC had lifted a delay imposed in August on the Houston-based oil firm’s plans to buy 3.9 million shares of San Francisco-based Chevron’s stock. That would raise Pennzoil’s stake to slightly less than the 10% level that would trigger Chevron anti-takeover defenses. Pennzoil said it has already spent more than $2 billion to obtain the 32 million Chevron shares it holds for long-term investment purposes only.
