Chevron Corporation has completed its previously announced acquisition of Renewable Energy Group (REG) following approval by the REG stockholders.
Earlier in the year it was announced that Chevron would acquire its outstanding shares for $3.15 billion (€3 billion).
The acquisition combines renewable fuels production of Renewable Energy Group with Chevron’s large manufacturing, distribution, and marketing position.
“We have brought together companies with complementary capabilities, assets, and customer relationships to make Chevron one of the leading renewable fuels companies in the United States,” said Mark Nelson, executive vice president of downstream and chemicals for Chevron. “Chevron now offers our customers an expanded suite of cost-effective, lower carbon solutions that utilize today’s fleets and infrastructure.”
Cynthia “CJ” Warner, formerly president and CEO of REG, has been appointed to Chevron’s board of directors, effective from now.
“CJ Warner has deep experience across both the traditional and renewable energy sectors,” said Chevron chairman and CEO Mike Wirth. “Her perspective and guidance will be invaluable as Chevron leverages its strengths to deliver lower carbon energy to a growing world.”
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