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Chevron’s $3.2 Billion Renewable Energy Group Deal Draws Lawsuit

May 18, 2022, 8:17 PM

A Renewable Energy Group Inc. investor filed suit in Delaware over concerns that its planned $3.15 billion sale to Chevron Corp. was engineered by company insiders who may have offered the energy giant a discount in exchange for “unique benefits.”

The lawsuit, filed Tuesday, seeks files from Renewable Energy to investigate allegations that its leaders intentionally made the deal when the company’s market value was at a temporary low after having “fallen dramatically” thanks to its recent focus on “long-term outlook” rather than “short-term trading price.”

The $61.50-per-share all-cash transaction, arranged without “any public market check whatsoever,” may be priced ...