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Shell's (SHEL) Subsidiary Signs Merger Agreement With Volta
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Shell plc’s (SHEL - Free Report) subsidiary Shell USA Inc. has agreed to purchase Volta Inc. through the merger of a direct, wholly-owned subsidiary of Shell USA Inc. with and into Volta, with the latter continuing as the surviving corporation, according to a recent announcement. Volta is an industry leader in the electric car charging and media sectors which is hastening the transition to a clean energy future with its unique network of charging stations.
The proposal to accept the merger agreement was approved by a majority of the holders of Volta Class A common stock that was issued and outstanding at the end of business on the record date and qualified to vote at the special meeting. The official voting results will be disclosed in a Current Report on Form 8-K that Volta will submit to the Securities and Exchange Commission.
The transaction is anticipated to conclude on or around Mar 31, 2023, pending the customary closing conditions. Shares of Volta common stock will be delisted from trading on the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended, upon the transaction's completion. Per the deal, following the conclusion of the transaction, the London-headquartered energy major- SHEL- will pay 86 cents for each of Volta’s outstanding class A common stock, in cash, without interest and withholding taxes.
The Volta deal is yet another step in Shell’s endeavor to diversify from oil and invest in green energy management.
Two top-ranked stocks in the energy sector are CVR Energy (CVI - Free Report) and Par Pacific Holdings Inc. (PARR - Free Report) , each sporting a Zacks Rank of #1.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high-value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, PARR has witnessed an upward revision in earnings estimates for 2023 and 2024.
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Shell's (SHEL) Subsidiary Signs Merger Agreement With Volta
Shell plc’s (SHEL - Free Report) subsidiary Shell USA Inc. has agreed to purchase Volta Inc. through the merger of a direct, wholly-owned subsidiary of Shell USA Inc. with and into Volta, with the latter continuing as the surviving corporation, according to a recent announcement. Volta is an industry leader in the electric car charging and media sectors which is hastening the transition to a clean energy future with its unique network of charging stations.
The proposal to accept the merger agreement was approved by a majority of the holders of Volta Class A common stock that was issued and outstanding at the end of business on the record date and qualified to vote at the special meeting. The official voting results will be disclosed in a Current Report on Form 8-K that Volta will submit to the Securities and Exchange Commission.
The transaction is anticipated to conclude on or around Mar 31, 2023, pending the customary closing conditions. Shares of Volta common stock will be delisted from trading on the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended, upon the transaction's completion. Per the deal, following the conclusion of the transaction, the London-headquartered energy major- SHEL- will pay 86 cents for each of Volta’s outstanding class A common stock, in cash, without interest and withholding taxes.
The Volta deal is yet another step in Shell’s endeavor to diversify from oil and invest in green energy management.
Zacks Rank & Key Picks
Shell carries a Zack Rank #3 (Hold) currently.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Two top-ranked stocks in the energy sector are CVR Energy (CVI - Free Report) and Par Pacific Holdings Inc. (PARR - Free Report) , each sporting a Zacks Rank of #1.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high-value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, PARR has witnessed an upward revision in earnings estimates for 2023 and 2024.