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.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.