Chevron Press Release - Chevron Stockholders Approve ChevronTexaco Merger
HOUSTON, Oct. 9 -- Chevron Corp. announced today that stockholders have voted to approve the proposed merger with Texaco. The votes were cast here at a special stockholder meeting. More than 441 million shares, 99 percent of the shares voted, approved the common stock issuance, and more than 438 million shares, 68 percent of the shares entitled to vote, approved the name change to ChevronTexaco Corporation. The companies intend to close the merger later today. "We are pleased with today's vote, and we thank our stockholders for their support," said Dave O'Reilly, Chevron chairman and chief executive officer. "Our goal is to be No. 1 in total stockholder return among our industry competitors. With this merger, two companies with a long history of partnership will join together to create greater value for our stockholders and put us on the path to our goal." The final vote will be reported in ChevronTexaco Corporation's Quarterly Report on Form 10-Q to be filed with the SEC in November 2001. The merger was first announced in October 2000, and received Federal Trade Commission approval last month. ChevronTexaco will be headquartered in San Francisco until the second half of 2002, when the headquarters will move to San Ramon, Calif.
Cautionary Statement Relevant to Forward-Looking Information for the Purpose of "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995
Except for the historical and present factual information contained herein, the matters set forth in this press release, including statements about creating greater value for stockholders and ChevronTexaco's goal of being first in the petroleum industry in terms of total stockholders' return and other expected benefits of the merger such as efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the combined company, and other statements identified by words such as "anticipates," "expects," "projects," "plans," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees and are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from the merger cannot be fully realized, the possibility that costs or difficulties related to the integration of our businesses will be greater than expected, the impact of competition and other risk factors relating to our industry as detailed from time to time in each of Chevron's and Texaco's reports filed with the SEC.
Updated: October 2001