Chevron-NGC proposed merger advancing

Chevron Corp. and NGC Corp., Houston, have agreed on terms of a merger that will create North America's largest gas and natural gas liquids marketer. The two companies late last month said they had signed definitive agreements to combine NGC's operations with most of Chevron's Houston gas business unit and all of Chevron unit Warren Petroleum Co., Tulsa, except Warren's Venice, La., gas processing complex. All that remains to complete the deal, announced last January, is receipt of regulatory approvals and satisfaction of a handful of other conditions. Parties to the transaction expect a third quarter 1996 closing. Chevron and NGC's two current major shareholders-Br...

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