COMPANY NEWS: Chevron, Texaco agree to merge in all-stock deal

Chevron Corp. early last week confirmed widely rumored speculation that it and fellow US oil company Texaco Inc. have agreed to a merger based on a stock acquisition valued at about $35 billion. The deal will create an energy combine with a market capitalization at some $100 billion. Click here to enlarge imageChevronTexaco Corp., as the combined company is to be known, expects yearly cost savings of "at least $1.2 billion" within 6-9 months of the merger's completion. The new combine said its enlarged global operations would represent reserves of 11.2 billion boe, production of 2.7 million boe/d, and assets of $77 billion (see table). Within the US, according to the companies, the n...

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