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
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Deepwater Roundup 2024: Offshore Australasia, Surrounding Areas
2024-04-09 - Projects in Australia and Asia are progressing in part two of Hart Energy's 2024 Deepwater Roundup. Deepwater projects in Vietnam and Australia look to yield high reserves, while a project offshore Malaysia looks to will be developed by an solar panel powered FPSO.