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Chevron wants to exit Caltex Australia with $3.6bn sale

Staff writer |
Chevron is seeking to sell its entire stake in Caltex Australia for about A$4.6 billion ($3.6 billion).

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Chevron is exiting Australia's biggest refiner after nearly 40 years as falling oil prices and high costs hurt margins.

Chevron is offering shares in Caltex at a 9.7 percent discount to Friday's close.
A successful sale of Chevron's 50 percent stake, which the company is offering at a discount to market prices, would make the deal Asia's largest block transaction after the government of India raised $3.6 billion by selling a stake in Coal India in January.

Chevron is offering 135 million shares in Caltex at a floor price of A$34.20 each, a 9.7 percent discount to Friday's close, according to a term sheet of the deal seen by Reuters.

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