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Latham & Watkins Advises Chevron in its Investment in Low-Carbon Oilseed Producer CoverCress, Inc. and Associated Transactions

August 9, 2022
Firm advises supermajor in transactions aimed at bringing a new lower carbon fuel feedstock to the renewable diesel industry.

Chevron’s acquisition of an ownership interest in CoverCress, Inc. (CCI) through CCI’s Series C-1 financing round was announced in April of this year. This month, Bayer announced that it had signed a shareholders’ agreement with Bunge (NYSE: BG) and Chevron U.S.A. Inc. (Chevron), a subsidiary of Chevron Corporation (NYSE: CVX), in connection with Bayer’s acquisition of a 65% majority ownership of the winter oilseed producer CoverCress, Inc. (CCI). The remaining 35% of CCI will continue ownership under Bunge and Chevron.

Latham & Watkins LLP represented Chevron U.S.A. in these transactions with a deal team led by partners Justin Stolte and Jim Morrone, with associates Greg Sorensen, Omar Shariff, Carlyle Reid, and Morgen Seim. Advice was also provided on tax matters by partner Jim Cole.