Renewable Energy Group (NASDAQ:REGI) said Tuesday that its shareholders approved Chevron’s (NYSE:CVX) acquisition of the company, with more than 80% support; the company expects the merger will close in mid-year 2022.
Chevron (CVX) said it paid $61.50/share in the all-cash deal, valuing the company at $3.15B, when it announced the deal in February.
Chevron (CVX) said the deal would boost its progress toward the goal of raising its renewable fuels production capacity to 100K bbl/day by 2030, and provide additional feedstock supplies and pre-treatment facilities.
Chevron, Exxon Mobil and Valero “are Strong Buys based on their promising growth potential, solid profitability, safe dividends, and great dividend yields,” Steven Cress writes in a bullish analysis newly published on Seeking Alpha.
Extracted in full form: Renewable Energy shareholders OK Chevron takeover deal (NYSE:CVX) | Seeking Alpha