Chevron wants to exit Caltex Australia with $3.6bn sale
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.
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. ■