Chevron to buy Atlas Energy for $4.3 billion

Chevron Corp. said Tuesday that it would buy Atlas Energy Inc. for $3.2 billion in cash as the oil giant bolsters its market position in the U.S. shale-gas business.

Stockholders of Pittsburgh-based Atlas Energy will receive $38.25 in cash for each of their shares, Chevron said, plus $5.09 a share to reflect the value of Atlas Energy's stake in Atlas Pipeline Holdings, for a total purchase price of $43.34 a share.

The deal includes the assumption of $1.1 billion in debt.

"This acquisition is the right opportunity for Chevron," said George Kirkland, the San Ramon, Calif., company's vice chairman.

Read Full Article from Los Angeles Times

- Posted: 2010-11-09 20:17:18

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