Chevron in Talks For Renewable Energy Group Deal Worth $3-Billion

Power & Energy

The company ‘Chevron Corp.’ has been in advanced talks for the purpose of buying the Renewable Energy Group Inc. for around 3 billion dollars, according to the people that are familiar with the matter as the oil company has been looking to make a large bet on the green diesel.

The Renewable Energy has been increased for more than 36 percent in the trading of the after-market, and the company ‘Chevron’ has also been discussing the paying of 61.50 dollars per share for the Renewable Energy, and the people also said that, a deal can possibly be announced in the next week and no final decision has also been made and the terms can possibly change.

The Renewable Energy has been closed by around 1.7 percent in the New York trading that has been giving the company, market value of around 2.2 billion dollars, and the representatives of the company ‘Chevron’ and Renewable Energy has declined for making any comment.

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The deal is going to be giving a significant boost to the push of Chevron in to the renewable fuels, along with the demand for which it has been expected for growing in the upcoming years as the governments and businesses for moving away from the oil and gas for the purpose of decreasing the emissions of carbon, and the company also said that, it is expecting to invest around 10 billion dollars through the year 2018 on the technologies of low carbon.

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