Elliott wants to delay Chevron’s acquisition of Noble, arguing that it hasn’t received all of the documentation pertaining to the deal. The activist investor is racing against the clock as Israel’s Energy Ministry’s Petroleum Council is expected to rubber-stamp the deal in principle by Sep. 14.
Chevron is on track to close the deal
Chevron spokesman Braden Reddall remained confident in Chevron’s offer. He said, “We believe our offer represents a fair value for the business and that the transaction will create long-term value for shareholders of both companies.” He added that deal is on track to close in Q4 2020.
Currently, Elliott has $41 billion in assets under management. Singer established the hedge fund in 1977. Elliott’s activist pedigree is most notable in its call for changes at other major firms, including Twitter Inc. (NYSE: TWTR). Singer bought around $1 billion worth of Twitter shares in an attempt to remove CEO Jack Dorsey.