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Chevron - Texaco

NPR's Jim Zarroli reports that two of the nation's largest oil companies are merging. Chevron is acquiring Texaco in a stock swap valued at more than 35-billion dollars. The deal announced today is seen as an answer to other recent mergers in the oil industry, including the mergers of Exxon and Mobil and British Petroleum with Amoco. The new company will be called Chevron Texaco and will be headquartered in San Francisco.

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