By Ross Kelly
SYDNEY--Chevron Corp. (CVX) said Friday it would sell its 50%
interest in oil-refiner and fuel-seller Caltex Australia Ltd.
(CTX.AU).
The Australian company has a market value of 10.22 billion
Australian dollars (US$7.97 billion), indicating Chevron could
raise around A$5 billion from the sale.
The biggest U.S. oil producer by output behind Exxon Mobil Corp.
said it entered an underwriting agreement to sell its Caltex
Australia shares to what it expects to be a range of institutional
investors.
Caltex Australia shares closed trading in Sydney on Friday at
A$37.88 each. Companies trying to sell large blocks of shares often
have to offer a discount to get the trade away.
Write to Ross Kelly at ross.kelly@wsj.com
Access Investor Kit for Caltex Australia Ltd.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=AU000000CTX1
Access Investor Kit for Chevron Corp.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US1667641005
Subscribe to WSJ: http://online.wsj.com?mod=djnwires