Chevron Declares Settlement to Purchase Renewable Power Group

Chevron Company and Renewable Power Group, Inc. (REG) announce a definitive settlement underneath which Chevron will purchase the excellent shares of REG in an all-cash transaction valued at $3.15 billion, or $61.50 per share. The acquisition combines REG’s rising renewable fuels manufacturing and main feedstock capabilities with Chevron’s giant manufacturing, distribution and industrial advertising place. “REG was a founding father of the renewable fuels trade and has been a number one innovator ever since,” mentioned Chevron Chairman and CEO Mike Wirth. “Collectively, we are able to develop extra rapidly and effectively than both may by itself.”

The transaction is anticipated to speed up progress towards Chevron’s objective to develop renewable fuels manufacturing capability to 100,000 barrels per day by 2030 and brings extra feedstock provides and pre-treatment amenities. After closing of the acquisition, Chevron’s renewable fuels enterprise, Renewable Fuels – REG, might be headquartered in Ames, Iowa. As well as, CJ Warner is anticipated to hitch Chevron’s Board of Administrators.

“This transaction delivers premium money worth to shareholders and can give us extra sources as we intention to speed up progress and strengthen our collective skill to ship the sustainable fuels our clients and the world want,” mentioned CJ Warner, REG president & CEO. “Our workers’ onerous work and dedication have constructed a unbelievable renewable fuels firm and made this transaction doable. We look ahead to becoming a member of Chevron’s workforce.”

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