* Chevron Corp. said yesterday it would sell its share of Gulf Canada Ltd. to Toronto-based Olympia and York Resources Inc. for $2.2 billion in the largest takeover in Canadian history.
Chevron has agreed to sell more than 137 million outstanding common shares, or about 60.2 percent of Gulf Canada, spokesman Dale Basye said from the company's San Francisco headquarters.
Chevron, which borrowed heavily to buy Gulf Oil Corp. of Pittsburgh for $13.3 billion last year, said it would sell about 112 million common shares at about $16.21 a share on or before July 16, giving Olympia and York 49.24 percent of Gulf Canada.
At that time Olympia and York also will buy an option on the remaining 25 million Gulf Canada common shares held by Chevron.
Chevron, formerly called Standard Oil Co. of California, is the fourth-largest U.S. oil company. Olympia and York Resources is a wholly owned subsidiary of Olympia and York Developments Ltd., a Toronto-based private real estate firm with significant holdings in the United States, including Manhattan.
Gulf owns 2,500 service stations across Canada and is that country's third-largest oil producer and sixth-largest gas producer.