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Chevron set to take over Texaco

TORONTO, Ont. - Chevron Corp. has put up US $43 billion to buy rival Texaco Inc. in the latest merger among the world's oil giants.The deal involves stock and assumed debt, and comes more than a year ...


TORONTO, Ont. – Chevron Corp. has put up US $43 billion to buy rival Texaco Inc. in the latest merger among the world’s oil giants.

The deal involves stock and assumed debt, and comes more than a year after merger talks between the two seemed to disintegrate.

The new company – Chevron Texaco – is expected to cut seven per cent of the workforce to save costs, meaning about 4,000 jobs.

Chevron will pay US $35 billion in stock and assume US $7.5 billion in debt, creating the world’s fourth-largest oil company. Combined, the two earned US $72 billion in revenue in 1999.

Texaco sold off most of its Canadian business to Imperial Oil in 1989. Chevron employs 900 people in two Canadian divisions. n


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