Chevron exits Caltex and raises $3.6b

Demand was strong for the Australian petroleum refiner and distributor, with over 150 investors participating in the accelerated block.

US energy company Chevron raised A$4 7 billion ($3 6 billion) after offloading its 50% stake in Caltex Australia in one of the country’s largest ever block trades  

In the long-anticipated share sale, Chevron sold 135 million shares at A$35 per share, a 7 6% discount to Friday’s close There was a hard underwriting price of A$34 20 per unit, a 9 7% discount to the close, but strong demand allowed the issuer to push the price to A$35

Goldman Sachs, the sole bookrunner, launched the deal on Friday at 5pm in Australia with no wall-cross process Launching the deal blind had no negative impact on demand — some 45 minutes later, half of the...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222