Hedge fund Elliott Management Corp. has acquired a stake in Noble Energy Inc., the oil and gas producer which agreed in July to be bought by Chevron Corp. for $5 billion.
The stake was disclosed in a notice posted on the U.S. Federal Trade Commission's (FTC) website.
The filing, dated Sept. 4, did not disclose the size of the stake of the New York-based hedge fund, led by billionaire Paul Singer, and details regarding its position in the stock.
UPDATE:
Activist Investor Reportedly Seeking to Break Up Noble’s Sale to Chevron
Elliott and Noble did not immediately respond to requests for comment.
Chevron said in July it would buy Noble Energy in an all-stock offer in the first major deal in the energy sector since the coronavirus crisis crushed global fuel demand and sent crude prices to historic lows. Noble shareholders are expected to vote on the deal on Oct. 2.
Noble and Elliott were granted early termination under the FTC's Hart-Scott-Rodino Act, which is a legal requirement when an investor buys shares in a firm above a certain threshold and seeks to hold discussions regarding strategy, management changes and others.
Recommended Reading
ADNOC Buys 11.7% Stake in NextDecade’s Rio Grande LNG Project
2024-05-20 - The United Arab Emirates’ ADNOC will acquire a 11.7% equity stake in Phase 1 of NextDecade Corp.’s Rio Grande LNG (RGLNG) project from Global Infrastructure Partners (GIP), while also entering an offtake agreement for 1.9 mtpa from the Texas export facility.
What's Affecting Oil Prices This Week? (May 20, 2024)
2024-05-20 - U.S. economic activity, geopolitical uncertainty in the Middle East and the U.S.' recent hike in Chinese EV import duties all have a hand in the sway of oil prices this week.
Exclusive: Adkins on Challenged Gas Prices, Growing Crude Demand
2024-05-15 - J. Marshall Adkins, head of energy investment banking at Raymond James, details the future of natural gas prices and misconceptions about crude demand coming to an end in this Hart Energy Exclusive interview.
CoolCo, GAIL Enter Long-term LNG Agreement
2024-05-16 - CoolCo and GAIL’s agreement is intended to secure long-term LNG supply in India’s market, with GAIL having an option to extend the 14-year agreement by another two years.
Exclusive: Can NatGas Save the 'Fragile' Electric Grid?
2024-02-28 - John Harpole, the founder and president of Mercator Energy, says he is concerned about meeting peak electric demand and if investors will hesitate on making LNG export facilities investment decisions after the Biden administration's recent LNG pause, in this Hart Energy LIVE Exclusive interview.