Texaco Press Release - Texaco to Seek Stockholder Approval of Increase in Authorized Shares
FOR IMMEDIATE RELEASE: MONDAY, MARCH 3, 1997
WHITE PLAINS, N.Y., March 3 - Texaco announced today that the Board of Directors approved a proposal that would authorize the Board, subject to stockholder approval, to increase the number of authorized shares of common stock from 350 million to 700 million and to reduce the current $6.25 common share par value to $3.125.
In commenting on this action, Texaco Inc. Chairman and Chief Executive Officer Peter I. Bijur stated, "While currently authorized shares are sufficient to meet all presently known needs, the availability of these additional shares will enhance the company's flexibility for potential acquisitions, financings, stock splits, stock dividends, and other corporate purposes."
Texaco will present this proposal to its stockholders for approval at its May 13, 1997, Annual Meeting.
Updated: March 1997