Renewable Energy Group surges on $3.15 bln Chevron acquisition
28/02/2022 12:36
(Updates)
** Biofuel maker Renewable Energy Group's REGI.O shares up
37.5% to over 3-mth high $60.25 premarket on M&A news
** Chevron CVX.N says it agreed to acquire REGI in
all-cash deal valued at $3.15 bln urn:newsml:reuters.com:*:nL4N2V33VO
** CVX purchase price of $61.50/sh represents 40.4% premium
to REGI's Fri close
** REGI's shares gained 34% amid 3-session run since
Bloomberg reported last week co was exploring options, including
selling itself after receiving takeover interest
** Transaction, approved by both cos' boards, expected to
close in second half of 2022, subject to REGI shareholder and
regulatory approvals
** REGI has $2.2 bln market cap through close on Fri, per
Refinitiv data. Stock down ~44% over the past year
** CVX shares up 0.3% at $140.81 before the bell
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))