Summary
This 8-K filing announces the official completion of the merger between Chevron Corporation and Texaco Inc., resulting in the formation of ChevronTexaco Corporation. The transaction, effective October 8, 2001, was structured as a merger where Texaco became a wholly owned subsidiary of Chevron. Each Texaco common stock shareholder received 0.77 shares of ChevronTexaco common stock, with provisions for cash payments for fractional shares. Existing Texaco stock options and other equity awards were converted to reflect the new share structure and exercise prices. Investors should note that while the merger has closed, the detailed financial statements of the acquired business (Texaco) and pro forma financial information for the combined entity will be filed separately within the next 60 days. This filing primarily serves as a notification of the corporate event and the name change to ChevronTexaco Corporation.
Key Highlights
- 1Chevron Corporation has successfully completed its merger with Texaco Inc., forming ChevronTexaco Corporation.
- 2The merger officially closed on October 8, 2001, with Texaco becoming a wholly owned subsidiary of Chevron.
- 3Texaco shareholders will receive 0.77 shares of ChevronTexaco common stock for each Texaco share previously held.
- 4Fractional shares will be settled in cash based on market value.
- 5Texaco's outstanding stock options and equity awards have been converted into ChevronTexaco equity awards with adjusted terms.
- 6The company has officially changed its name to ChevronTexaco Corporation.
- 7Required financial statements for the acquired business and pro forma information will be filed at a later date (within 60 days).