World News | Chevron Acquires Noble for USD 5 Billion in All-stock Deal

New York, Jul 20 (AP) Chevron will take over Noble Energy for USD 5 billion in the first big deal announced since the coronavirus pandemic shook the energy sector.

Chevron, based in San Ramon, California, has been shopping for assets since last year and with crude prices down more than 30 per cent this year, it jumped Monday with it's all-stock offering.

Also Read | West Bengal Govt to Impose 2-Day Complete Lockdown Per Week: Live News Breaking and Coronavirus Updates on July 20, 2020.

Based on Chevron's closing price on Friday, Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. The total enterprise value of the deal, including debt, is USD 13 billion.

Noble is based in Houston, Texas. (AP)

Also Read | ColdZyme, a Mouth Spray by Swedish Firm Enzymatica, Is Able to Deactivate 98% of COVID-19 Virus in 20 Minutes: Study.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)