Chevron formally unveiled its plan to buy Texaco, the latest in a wave of controversial oil industry consolidation. The deal calls for Chevron to give 0.77 of its shares for every Texaco share. That totals about $35.35 billion for Texaco’s 545 million shares. The companies said the combined company had an enterprise value of $100 bln. The transaction is expected to result in some 4,000 job cuts, reflecting seven percent of the combined companies’ 57,000 workforce(Infobeat/AP). NOTE: No idea how or if this will effect the sponsorship of the #28 Robert Yates Racing(RYR) Ford and driver Ricky Rudd. RYR signed with Texaco thru 2004 last year(10-16-2000)
