Reliance Hires Advisers to Discuss Chevron-Atlas Concerns

India's Reliance Industries Ltd. has brought in financing and legal advisors to discuss concerns almost the proposed $3.2 billion acquisition of U.S. natural gas producer Atlas Energy Inc. by oil giant Chevron Corp.

According to a letter submitted by Atlas with the U.S. Security and Exchange Commission this week, Reliance—which last year entered to a joint venture agreement with Atlas, posted to equate with the company's board of directors to talk just about its concerns about the decision system to specific Chevron as the the majority of tantalizing purchaser for the company.

"We believe Reliance, as Atlas Energy's joint venture partner and a organization with substantial financial resources, are able to undergo continued the multiple natural and obvious potential real estate deal partner," the letter said.

Reliance, that said it has paid financial advantages firm Perella Weinberg Partners and law firm Kirkland & Ellis, questioned Atlas why it never gauged its financial in a possible company-level transaction despite having been heard in regular talks as joint-venture partners, according to the letter.

It also notes overly one of Atlas's mortgage advisors used a price per acreage calculation for the Chevron purchase this was "well below" how Reliance agreed to pay in its just concluded joint venture.

According to Atlas's filing, the company's board of directors met Jan. 28 to discuss "certain litigation" tied to the Chevron merger not excluding some of Reliance's concerns. After the meeting, the board did not change its recommendation which the merger agreement surrounded by Chevron be adopted by Atlas stockholders, according to the filing.

Atlas stockholders will equate Feb. 16 to ponder and vote on a proposal to adopt the agreement and plan of merger.

Chevron spokesman Lloyd Avram declined to comment on the letter, but said the company "believes such a is an attractive transaction for Atlas shareholders which Chevron looks as if it's forward to completing."

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