Updated from 5:53 p.m. Sunday
Chevron (CHV) and Texaco (TX) earlier today officially unveiled Chevron's buyout of Texaco. Chevron said it will pay 0.77 of its share for each Texaco share, or about $64.87 per share. In trading Friday, Texaco was off $1.88, or 3.3%, to $55.13. Chevron fell $3.06, or 3.5%, to $84.25. On Friday, The Financial Times had said the two big oil companies were talking again. They talked last year, but never reached a merger agreement. In June 1999, Texaco called off the talks because its board saw "no compelling basis" to continue discussions as it found Chevron's proposal "unacceptable in all respects." Chevron said it was surprised Texaco rejected its "very competitive offer." The offer was said to be $70 a share. The company will be called ChevronTexaco. A press release about the deal said the companies expect to realize $1.2 billion in annual savings within six to nine months after the merger is completed.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
Jim Cramer's Action Alerts PLUS:
Trade right alongside a Wall Street pro — enjoy access to his Charitable Trust portfolio and be sent trade alerts BEFORE he makes a move. Learn More
ETF Profits:
Get money-making ideas from the hottest investment vehicle on the planet. Our experts show you how to play various ETF sectors to help pump-up your portfolio. Learn More
OptionsProfits:
Get 50+ trade ideas a week from the industry's top options experts. Plus — exclusive commentary on market trends and essential trading tools. Learn More
Real Money:
Our team of professional Wall Street Pros — including Jim Cramer, Doug Kass, and Nicholas Vardy — delivers intelligent analysis, timely trade ideas, and colorful commentary. Learn More
Stocks Under $10:
Break into the market with small- and mid-cap stocks... all $10 or less! David Peltier tells you exactly which low-priced stocks he's buying and selling. Learn MoreTo begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
blog comments powered by Disqus
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 12,890.46 | 1,351.95 | 2,927.23 | 20.47 |
Oil *
118.75
|
|
UP
6.51 |
UP
1.99 |
UP
11.37 |
UP
0.72 |
10 Yr
2.05%
SPDR Gold
168.02
|
|
+0.05%
|
+0.15%
|
+0.39%
|
+3.65%
|
Data delayed 20 minutes |
Connect with TheStreet