(Bloomberg) — Noble Energy Inc. shareholders approved the company’s acquisition by Chevron Corp., cementing one of the U.S. oil industry’s biggest transactions this year.
The vote on Friday during a virtual shareholder meeting came despite opposition from Elliott Management Corp. The activist hedge fund was said to seek a break-up of the deal because it thought Chevron wasn’t paying enough. The biggest proxy-advisory firms disagreed and urged investors to support the tie-up.
When Chevron agreed to buy Noble in an all-stock deal in July, the offer was valued at $5 billion and represented a premium of about 7.5% to the target company’s share price. Since then, the deal value has declined