India’s RIL Loses Bidding War for Atlas Energy – $4.3 Billion Deal with Chevron Goes Forward

India’s largest private sector company, and one of the world’s largest energy companies, Reliance Industries Limited (RIL), lost its bidding war with Chevron to buy Atlas Energy.

Atlas Energy, Inc. announced today that its shareholders have approved the pending merger between Atlas Energy and Chevron Corporation. The proposal to approve the merger was supported at a special meeting of shareholders by approximately 99.7% percent of the votes cast by Atlas Energy shareholders. The merger is expected to close promptly.

On November 8, 2010, Atlas Energy entered into a definitive agreement to be acquired by Chevron in a transaction valuing Atlas Energy at $4.3 billion. Upon closing, Atlas Energy shareholders will receive $38.25 in cash for each outstanding share owned upon the effective time of closing, and will also receive a pro-rata share of a distribution of over 41 million common limited partnership units of Atlas Pipeline Holdings, L.P.*

*Business Wire (Feb 16) – Atlas Energy, Inc. Shareholders Approve Merger with Chevron