Activist investor Elliott Management Corp. plans to push for Noble Energy Inc. to abandon its plans to sell itself to Chevron Corp., arguing the deal undervalues the oil and gas producer, according to people familiar with the matter.
The New York-based hedge fund, which is run by billionaire Paul Singer, believes the takeover was done at the wrong time for the wrong reasons, said the people, who asked not to be identified as the matter is private. Elliott believes the company is better positioned to benefit from a recovery in oil prices on a standalone basis, and should consider selling its Mediterranean assets when that happens, they said.
