The biggest ever block trade in the Australian market

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Goldman Sachs is seeking to sell Chevron's $4.6 billion stake in Caltex Australia at $34.20 a share, in the biggest ever block trade in the Australian market. The investment bank was looking to sell 135 million Caltex Australia shares on Friday afternoon. The shares were priced at $34.20 each which was a 9.71 per ent discount to the last close and a 9.6 per cent discount to the five day volume weighted average price. The bank was calling for bids in 10c increments from the underwritten floor price. It was seeking bids from fund managers by 2am on Saturday morning. Goldman Sachs was sole underwriter and bookrunner. The stake represented 50 per cent of Caltex's shares on issue and ends Chevron's long-time association with the Australian fuel company. The block is the biggest in Australia's history, leap-frogging Royal Dutch Shell's $3.3 billion and $3.2 billion trades in 2010 and 2014, respectively. Both trades were to selldown Shell's position in Woodside Petroleum. (VIEW LINK)


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