Chevron Corp (CVX)

[DewDiligence]

CVX acquires REGI at 40% premium to Friday’s close:

https://chevroncorp.gcs-web.com/news-releases/news-release-details/chevron-announces-agreement-acquire-renewable-energy-group

The acquisition combines REG’s growing renewable fuels production and leading feedstock capabilities with Chevron’s large manufacturing, distribution and commercial marketing position.

… The transaction is expected to accelerate progress toward Chevron’s goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030 and brings additional feedstock supplies and pre-treatment facilities. After closing of the acquisition, Chevron’s renewable fuels business, Renewable Fuels - REG, will be headquartered in Ames, Iowa. In addition, CJ Warner is expected to join Chevron’s Board of Directors.

The nominal deal value is $2.75B.