Activist investor Elliott Management Corp. is seeking to break up Noble Energy Inc.'s $5 billion sale to oil major Chevron Corp., a Bloomberg reporter tweeted on Sept. 9.
A notice posted on the U.S. Federal Trade Commission website on Sept. 8 showed the hedge fund had built a stake in Noble Energy.
In response to the tweet, Braden Reddall, manager, external affairs at Chevron, said the company's offer "represents a fair value for the business and that the transaction will create long-term value for shareholders of both companies."
"We continue to expect the transaction to close in the fourth quarter," Reddall added.
Elliott declined to comment. Noble Energy did not immediately respond to a Reuters request for comment.
Stratas Advisors expects oil prices to rise this week, recovering from what the firm described as a market overreaction that led to declines over the last two weeks.
“BP strongly believes that the inclusion of WTI Midland, executed correctly, is the best solution for enhancing liquidity, retaining Brent as a well-supplied and trusted light, sweet benchmark,” according to a document seen by Reuters.
Trans Mountain is a key oil export route and nearly two-thirds of its volumes in the first half of 2021 were light oil deliveries heading to U.S. refineries, says IHS Market Vice President Kevin Birn.