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Elliott Management cleared for Noble Energy position before Chevron merger vote from SNL Energy Finance Daily Elliott Management cleared for Noble Energy position before Chevron merger voteByline: Allison Good The Federal Trade Commission authorized Elliott Management Corp. to buy an unspecified stake in Noble Energy Inc. ahead of the oil and gas driller's $13 billion merger with supermajor Chevron Corp. According to a Sept. 4 notice, the commission granted the hedge fund and Noble Energy early termination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, which is legally required for taking positions above a certain threshold and initiating certain strategy and management conversations. Elliott has operated as an activist investor in the energy industry to force change at firms such as QEP Resources Inc. and Marathon Petroleum Corp. Noble Energy will hold a special shareholder meeting on Oct. 2 related to the approval of the Chevron deal. The company said its board of directors unanimously recommended that shareholders vote for the proposed merger. Chevron Chairman and CEO Michael Wirth said July 20 that the deal "ticks all the boxes." However, some analysts questioned his description of a "complementary" asset fit. The supermajor's move to scale up with Noble Energy's positions in Colorado's DJ Basin and the deepwater Eastern Mediterranean came just over a year after Chevron pulled out of a high-stakes bidding war with Occidental Petroleum Corp. for Anadarko Petroleum Corp. Chevron and Noble Energy were engaged in on-again, off-again negotiations for almost a year before announcing the transaction. |
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