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Royal Dutch strategic announcement fuels speculation
Share prices of Royal Dutch Petroleum and Chevron Corp. soared in trading this week as speculation firmed about a merger between the two companies that industry sources expect to be announced early next week.
The Chevron merger talk swirled through Wall Street Wednesday when European analysts posted on Web sites that Royal Dutch directors would announce the merger at a regularly scheduled analysts meeting in London and New York on Monday, Dec. 14.
Both companies would neither confirm nor deny the merger negotiation rumors. But the share price of Chevron closed at $86.19, up 4.5 percent - or $3.75 - on 3.2 million shares traded. Royal Dutch shares gained 4.85 percent, up $2.19, to close at $47.31.
Royal Dutch, the parent company of Houston-based Shell Oil Co., has been expected to seek its own merger partner to lower costs and better …