Stockholders Approve Renewable Energy Group, Inc.’s Definitive Agreement to be Acquired by Chevron Corporation
17 Mai 2022 - 11:00PM
Business Wire
Renewable Energy Group, Inc. (“REG”) (Nasdaq: REGI), a leading
bio-based diesel producer in North America, announced that its
stockholders voted to adopt the previously announced definitive
agreement (the “Merger Agreement”), in which REG will be acquired
by Chevron Corporation (“Chevron”) (NYSE: CVX) (the “Merger”), one
of the world’s leading energy companies. At the May 17 annual
meeting, REG stockholders adopted the Merger Agreement with more
than 80% of the shares outstanding and entitled to vote voting in
favor of the Merger. REG expects to file with the Securities and
Exchange Commission a Current Report on Form 8-K disclosing the
final voting results.
“We are pleased with the outcome of today’s shareholder vote,
which is a key step to closing the transaction. After the
transaction is complete, we believe the organization will continue
delivering the sustainable fuels that our customers and the world
need,” said CJ Warner, REG CEO & President.
The Merger is expected to close mid-year 2022, subject to
customary closing conditions, including the receipt of regulatory
approvals.
About Renewable Energy Group,
Inc.
REG is leading the energy and
transportation industries’ transition to sustainability by
converting renewable resources into high-quality, sustainable
fuels. REG is an international producer of sustainable fuels that
significantly lower greenhouse gas emissions to immediately reduce
carbon impact. REG utilizes a global integrated procurement,
distribution, and logistics network to operate 11 biorefineries in
the U.S. and Europe. In 2021, REG produced 480 million gallons of
cleaner fuel delivering 4.1 million metric tons of carbon
reduction. REG is meeting the growing global demand for
lower-carbon fuels and leading the way to a more sustainable
future.
About Chevron
Corporation
Chevron is one of the world’s
leading integrated energy companies. Chevron believes affordable,
reliable and ever-cleaner energy is essential to achieving a more
prosperous and sustainable world. Chevron produces crude oil and
natural gas; manufactures transportation fuels, lubricants,
petrochemicals and additives; and develops technologies that
enhance its business and the industry. Chevron is focused on
lowering the carbon intensity in its operations and seeking to grow
lower carbon businesses along with is traditional business lines.
More information about Chevron is available at
www.chevron.com.
Cautionary Statements Regarding
Forward-Looking Information
This announcement contains “forward-looking statements,” within
the meaning of Section 27A of the Securities Act of 1933, Section
21E of the Securities Exchange Act of 1934 and the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the context of the statement and
generally arise when REG or its management is discussing its
beliefs, estimates or expectations. Such statements generally
include the words “believes,” “plans,” “intends,” “targets,”
“will,” “expects,” “estimates,” “suggests,” “anticipates,”
“outlook,” “continues,” or similar expressions. These statements
are not historical facts or guarantees of future performance but
instead represent only the beliefs of REG and its management at the
time the statements were made regarding future events which are
subject to certain risks, uncertainties and other factors, many of
which are outside REG’s control. Actual results and outcomes may
differ materially from what is contained in such forward-looking
statements as a result of various factors, including, without
limitation: (1) the inability to consummate the transaction within
the anticipated time period, or at all, due to any reason,
including the failure to obtain required regulatory approvals or
the failure to satisfy the other conditions to the consummation of
the Merger; (2) the risk that the Merger disrupts REG’s current
plans and operations or diverts management’s attention from its
ongoing business; (3) the effect of the announcement of the Merger
on the ability of REG to retain and hire key personnel and maintain
relationships with its customers, suppliers and others with whom it
does business; (4) the effect of the announcement of the Merger on
REG’s operating results and business generally; (5) the amount of
costs, fees and expenses related to the Merger; (6) the risk that
REG’s stock price may decline significantly if the Merger is not
consummated; (7) the nature, cost and outcome of any litigation and
other legal proceedings, including any such proceedings related to
the Merger and instituted against REG and others; (8) other factors
that could affect REG’s business such as, without limitation, the
availability, future price, and volatility of feedstocks, petroleum
and products derived from petroleum; changes in governmental
programs and policies requiring or encouraging the use of biofuels;
availability of federal and state governmental tax incentives and
incentives for bio-based diesel production; changes in the spread
between bio-based diesel prices and feedstock costs; the potential
impact of COVID-19 on our business and operations; any disruption
of operations at our Geismar renewable diesel refinery (which would
have a disproportionately adverse effect on our profitability); the
unexpected closure of any of our facilities; the effect of excess
capacity in the bio-based diesel industry and announced large plant
expansions and potential co-processing of renewable diesel by
petroleum refiners; unanticipated changes in the bio-based diesel
market from which we generate almost all of our revenues; and
seasonal fluctuations in our operating results; technological
advances or new methods of bio-based diesel production or the
development of energy alternatives to bio-based diesel; and (9)
other risks to consummation of the proposed Merger, including the
risk that the proposed Merger will not be consummated within the
expected time period or at all.
If the proposed transaction is consummated, REG’s stockholders
will cease to have any equity interest in REG and will have no
right to participate in its earnings and future growth. Certain of
these and other factors are identified and described in more detail
in REG’s Annual Report on Form 10-K for the year ended December 31,
2021 as well as REG’s subsequent filings and is available online at
www.sec.gov. Readers are cautioned not to place undue reliance on
REG’s projections and other forward-looking statements, which speak
only as of the date thereof. Except as required by applicable law,
REG undertakes no obligation to update any forward-looking
statement, or to make any other forward-looking statements, whether
as a result of new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220517006229/en/
Investor Contacts: Roderick Green Chevron
invest@chevron.com
Todd Robinson REG 515-766-8906
Media Contacts: Tyler Kruzich Chevron 925-549-8686
tkruzich@chevron.com
Katie Stanley REG 515-357-8095
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