Hedge fund Elliott Management Corp. has acquired a stake in Noble Energy Inc., the oil and gas producer which agreed in July to be bought by Chevron Corp. for $5 billion.
The stake was disclosed in a notice posted on the U.S. Federal Trade Commission's (FTC) website.
The filing, dated Sept. 4, did not disclose the size of the stake of the New York-based hedge fund, led by billionaire Paul Singer, and details regarding its position in the stock.
UPDATE:
Activist Investor Reportedly Seeking to Break Up Noble’s Sale to Chevron
Elliott and Noble did not immediately respond to requests for comment.
Chevron said in July it would buy Noble Energy in an all-stock offer in the first major deal in the energy sector since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows. Noble shareholders are expected to vote on the deal on Oct. 2.
Noble and Elliott were granted early termination under the FTC's Hart-Scott-Rodino Act, which is a legal requirement when an investor buys shares in a firm above a certain threshold and seeks to hold discussions regarding strategy, management changes and others.
Recommended Reading
Oil and Gas Sustainability Strategies: ESG Fact and Follies
As the hydrocarbon industries face intensifying pressure from stakeholders to emit less, nine oil and gas leaders share their viewpoints on how the industry should deal with expectations versus reality and why that might cut across the grain.
Lancium Closes $150 Million in Financing to Grow Clean Energy Business
Hanwha Solutions leads financing round, with participation from other leading strategic energy investors.
No Small Spill: Small-caps Versus Big Oil
Oil and Gas Investor Executive Editor-at-large Leslie Haines explores how the recent small oil spill offshore California raises huge concerns.