Noble Energy Investors Sue Board Over $13B Chevron Merger

Law360 (January 13, 2021, 10:54 PM EST) -- Two Noble Energy Inc. investors opened a proposed Delaware Chancery Court class suit late Tuesday targeting board conduct ahead of an acquisition by Chevron Corp. in July, accusing management insiders of neglecting a potentially better partial sale to assure personal gains from a full change of control.

Stockholders Stephanie Galindo and David Walsh argued in their suit that Noble's stock-and-debt deal with Chevron, valued at $13 billion, followed alleged failures to disclose earlier talks with U.K.-based asset manager Cynergy Capital Ltd. on a sale of Noble's eastern Mediterranean natural gas fields. Noble investors receive 0.1191 shares of Chevron stock for each...

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