REG stockholders approve USD-3.15bn acquisition by Chevron

Might 18 (Renewables Now) – The stockholders of Renewable Vitality Group Inc (NASDAQ:REGI) have given the inexperienced gentle to the bio-based diesel producer’s pending USD-3.15-billion (EUR 2.98bn) takeover by oil big Chevron Corp (NYSE:CVX), it was introduced on Tuesday.

The merger settlement was adopted with assist from holders of over 80% of the shares excellent and entitled to vote. Topic to receiving regulatory clearance, the transaction is seen to shut in mid-year 2022.

The phrases of the deal, which was introduced in late February, name for Chevron to pay USD 61.50 per REG share in money. On the time of signing, Chevron’s chairman and CEO Mike Wirth commented that the 2 firms can develop extra rapidly collectively than if they continue to be on their very own.

Presently, REG operates 11 biorefineries within the US and Europe, and in 2021 produced 480 million gallons of cleaner gas. The corporate is endeavor an enlargement of its Geismar biorefinery in Louisiana to extend its annual manufacturing capability by 250 million gallons to 340 million gallons. The actual facility was the nation’s first renewable diesel plant and was acquired by the corporate in 2014.

Chevron’s goal is to develop renewable fuels manufacturing capability to 100,000 barrels per day by 2030.

(USD 1.0 = EUR 0.947)

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