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DJ Update: Noble Midstream's Stock Jumps After Chevron Makes Buyout Offer -- MarketWatch

· 02/05/2021 08:17
For more from MarketWatch: http://www.marketwatch.com/newsviewer

Shares of Noble Midstream L.P. (NBLX) shot up 6.6% in premarket trading Friday, after Chevron Corp. (CVX) offered to buy the operator of midstream infrastructure assets, which is already majority owned by Chevron, in a deal that values Noble Midstream at about $1.13 billion. Chevron's stock rose 0.8% ahead of the open. Chevron has offered to buy the shares of Noble Midstream it doesn't already own through in an exchange of shares of Chevron, at a value of $12.47, or the same as Thursday's closing price of Noble Midstream shares. Terms of the deal are subject to negotiation and approval by Noble Midstream's board. The companies said there can be no assurance that an deal will be closed. Noble Midstream's stock has run up 53.8% over the past three months through Thursday, while Chevron shares have climbed 23.4% and the S&P 500 has gained 10.3%.

-Tomi Kilgore

(END) Dow Jones Newswires

February 05, 2021 08:17 ET (13:17 GMT)

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