Skadden Advises Chevron In $3.2B Atlas Energy Buy

Law360, New York (November 9, 2010, 12:01 PM EST) -- Chevron Corp. on Tuesday moved to dramatically up its presence in the North American natural gas sector, particularly the productive Marcellus Shale region, by announcing a deal to buy Atlas Energy Inc. for $3.2 billion.

The nation's second-largest oil company said it would also take on approximately $1.1 billion of Atlas' outstanding debt. Atlas stockholders will receive a total of $43.34 per share, a 37 percent premium over the company's Monday closing of $31.72.

The deal gives Chevron significant access to approximately 486,000 net acres of...
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