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Issue 6/2022 - Chevron acquires renewable energy group

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Chevron acquires renewable energy group

Chevron is acquiring biodiesel maker Renewable Energy Group for $3.
15 billion, the company's biggest bet
on alternative fuels to date.

Chevron said it would pay $61.
50 per share for renewable energy in cash, a premium of more than 40 percent
over the company's previous closing price.
Renewable energy stocks rose more than
37 percent in pre-market trading.
The agreement is expected to accelerate Chevron's goal of increasing renewable fuels capacity to 100,000 b/d by 2030 and bringing more feedstock supply and pretreatment facilities
.
Chevron will not immediately issue a separate financial report
on its renewable energy business.
The transaction is expected to close
in the second half of this year.

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