“We look forward to welcoming the highly-talented employees from Atlas Energy into the Chevron family,” says Chevron Vice Chairman.
Atlas Energy Inc.’s shareholders have approved the pending merger between Atlas Energy and Chevron Corp.
Atlas noted the proposal to approve the merger was supported at a special meeting of shareholders by approximately 99.7% of the
votes cast by Atlas Energy shareholders. The merger is expected to close promptly.
“We look forward to welcoming the highly-talented employees from Atlas Energy into the Chevron family,” said Chevron Vice Chairman George Kirkland. “The assets provide Chevron with a solid position in the prolific Marcellus Shale, located in Southwestern Pennsylvania, and complement our global position in developing unconventional gas resources.”
In a press release dated Nov. 8, 2010, Atlas Energy noted that it entered into a definitive agreement to be acquired by Chevron in a transaction valuing Atlas Energy at $4.3 billion. Upon closing, Atlas Energy shareholders are expected to receive $38.25 in cash for each outstanding share owned upon the effective time of closing, and will also receive a pro-rata share of a distribution of over 41 million common limited partnership units of Atlas Pipeline Holdings, L.P.
Atlas Pipeline Holdings, L.P., is a limited partnership, which owns and operates the general partner of Atlas Pipeline Partners, L.P., through which it owns a 2% general partner interest, all the incentive distribution rights and approximately 5.75 million common limited partner units of APL.
