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Chevron, Texaco delayed?
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May 31, 2001: 8:46 p.m. ET
Texaco reportedly finding difficulty in talks for Calif. assets with Shell
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NEW YORK (CNNfn) - The $35 billion deal between Texaco Inc. and Chevron Corp. could be delayed as Texaco is finding it difficult to divest certain assets, a published report said Thursday.
According to the Financial Times Web site, Texaco is having trouble receiving a fair offer for California assets from Shell Oil Co., a unit of Royal Dutch/Shell Group. The Federal Trade Commission is concerned a combined Texaco-Chevron would have more than 25 percent of refining and marketing operations in California.
The FT quoted Texaco as saying they have yet to receive a fair offer from Shell and Saudi Anarco, while Shell says they made a fair offer.
Texaco is still in negotiations with Shell, but could put the assets in a trust and look for another buyer, the FT said.
Shares of Texaco (TX: Research, Estimates) rose 20 cents to $71.40 Thursday, while Chevron (CHV: Research, Estimates) rose 21 cents to $96.05. 
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