REGI - Renewable Energy jumps after report of Chevron close to $3B acquisition

Renewable Energy Group Inc. (NASDAQ:REGI) soared 35% in after hours trading after a report that Chevron (NYSE:CVX) to advanced discussions to acquire the biodiesel maker for about $3B. Chevron (CVX) is talking about paying $61.50/share for Renewable Energy, according to traders, who cited a Bloomberg report. No final agreement has been reached and terms could change. The news comes after Bloomberg reported on Wednesday that the Renewable  Energy (REGI) was exploring options including a potential sale after receiving takeover interest. The company turns feedstock into fuel at locations in the U.S. and Germany, but its biodiesel margins have been hurt by higher soybean costs, Bloomberg said. Renewable Energy (REGI) is set to release Q4 results on Tuesday.

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Renewable Energy jumps after report of Chevron close to $3B acquisition