Chevron and Texaco set Oct. 9 Stockholder Meetings to vote on proposed merger

13-Aug-2001

Chevron Corp. and Texaco Inc. today announced they have scheduled special stockholder meetings for Oct. 9, 2001 with a record date of August 20, 2001, to vote on their previously announced merger. The date of the stockholder meetings, as well as other merger-related information (including disclosure of a new New York Stock Exchange ticker symbol – CVX – to be used by the combined company), is contained in a filing made by Chevron today with the U.S. Securities and Exchange Commission. Assuming affirmative stockholder votes, and receipt of federal and state regulatory approvals in the meantime, the companies intend to complete their merger the same day as the stockholder meetings. The companies, which have certified their compliance with the U.S. Federal Trade Commission staff's requests for information, have not yet received FTC approval or the approvals of several states to complete the merger. The purpose of scheduling their respective stockholder votes is to ensure their ability to promptly complete the merger after receiving the required regulatory approvals. In today's filing, the companies also outlined asset dispositions they anticipate will be required by the FTC as a condition of not challenging the merger. These anticipated dispositions involve Texaco’s investments in its U. S. refining and marketing affiliates, Equilon and Motiva, as well as other Texaco interests in U. S. natural gas processing and transportation facilities, and a portion of general aviation fuel marketing. Since announcing the merger on October 16, 2000, the companies have said that they anticipated certain divestitures, including Texaco’s U.S. downstream interests, would be required. Both companies have also expressed a desire to complete the merger within a 12-month timeframe. Once established, ChevronTexaco will rank among the world’s largest energy companies and will become the second largest based in the United States.

https://www.chemeurope.com/en/news/4270/chevron-and-texaco-set-oct-9-stockholder-meetings-to-vote-on-proposed-merger.html