Chevron, Texaco Get Closer to Deal

Oil giants Chevron Corp. and Texaco Inc. said their stockholders will vote on its $30-billion merger Oct. 9, and that the companies reached a tentative pact with federal regulators on shedding certain assets to get antitrust clearance.

Under the proposed consent order reached with the staff of the Federal Trade Commission--a pact that still must be approved by the FTC itself--Texaco would divest its ownership in the Equilon and Motiva joint ventures, as well as in certain natural-gas and general-aviation fuel ventures.

The merger calls for Chevron to issue 0.77 share of its stock for every Texaco share. The new company will be called ChevronTexaco Corp.