RIL to evaluate options in Atlas JV post Chevron buy

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RIL to evaluate options in Atlas JV post Chevron buy

Reliance has written to Atlas Energy expressing displeasure over the Chevron deal. They say that they should have been given a chance to top Chevron's offer for Atlas energy, since they would have been the most natural and obvious potential transaction partner for Atlas.

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Reliance has written to Atlas Energy expressing displeasure over the Chevron deal. They say that they should have been given a chance to top Chevron's offer for Atlas energy, since they would have been the most natural and obvious potential transaction partner for Atlas.

Reliance says they are upset that at no point in the last seven months has Atlas reached out to them to gauge their interest in this possible company level transaction. 

Reliance bought a stake in Atlas's assets in Marcellus Shale, according to the filing, about three months after Reliance and Atlas created the joint venture, Jefferies & Co advised the managements of Chevron and Atlas on a potential acquisition.

Apparently Jefferies has advised Atlas that Reliance may not be interested in acquiring the company post Atlas and other Shale Gas joint venture.

Reliance has now questioned why Atlas relied on Jefferies advice for Chevron.

Reliance says that they would like to evaluate all options including their role in the Atlas joint venture and evaluate whether the JV could bring higher value for Atlas

Relaiance has substantial financial resources and is the most natural and obvious potential transaction partner for Atlas.