Chevron, Texaco merger to boost convergence, electric power

Chevron Corp.'s 26% stake in energy merchant Dynegy Inc. and Texaco Inc.'s gasification expertise will boost the combined ChevronTexaco Corp.'s options in the "fast-growing gas and power convergence business," Dave O'Reilly, Chevron chairman and chairman of the proposed combined company, said during a press conference Oct. 16.Chevron, the No. 3 US oil company, said it agreed to buy No. 2 Texaco in a stock swap worth about $35 billion, a deal that would create the world's fourth-biggest oil company.Convergence of the gas and power industries is expected to play a significant role in the combined operations of the companies, O'Reilly indicated. Texaco has equity inte...

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