Shareholders of the American oil and gas company Noble Energy Inc (NASDAQ: NBL). approved a merger with Chevron Corp (NYSE: CVX). The deal, which was announced in July this year, will be the largest in the oil industry since the start of the coronavirus pandemic.
As reported, it is a share swap: Noble Energy shareholders will receive 0.1191 Chevron shares for each share they hold. Based on the value of Chevron shares at the time the companies signed the agreement, the deal was worth $ 5 billion.
The parties plan to close the deal in the fourth quarter of 2020, Noble Energy said Friday. As a result, Noble Energy shareholders will own about 3% of the combined company.
Noble Energy, with over 85 years of history, operates in the exploration and production of oil and gas. The company manages a portfolio of high quality assets in the United States, as well as offshore the Eastern Mediterranean and West African coast.