Chevron to acquire biodiesel maker for USD 3.15bn
The acquisition is expected to accelerate Chevron's goal of boosting output of renewable fuels to 100,000 barrels per day by 2030.
BY MARKETWIRE, TRANSLATED BY CHRISTOFFER ØSTERGAARD
The US energy giant Chevron has agreed to acquire green diesel producer Renewable Energy Group for USD 3.15bn, writes Bloomberg News after reporting rumors on an imminent deal last Friday after the market closed.
The California-based oil giant will pay USD 61.50 per share for Renewable Energy Group in a cash payment, and the USD 3.15bn price tag includes total enterprise value of USD 2.75 bn and net debt of USD 400m.
The acquisition is expected to bring Chevron closer to the goal of boosting renewable fuels output to 100,000 barrels per day by 2030.
The Renewable Energy Group share is up by 32.6 percent to USD 58.09, while the Chevron share is 0.3 percent lower at USD 140.02.
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