Chevron to sell 12% Dynegy stake

Chevron Corp. plans to sell its 12% stake in independent power producer Dynegy Inc., the companies said, as Chevron moves to pare its non-core operations.

At Monday's closing price of $10.17 a share, Chevron's stake would be worth about $985 million. After Dynegy announced the sale, its shares fell 2.7% to $9.90 in after-the-bell trading.

Chevron said its Chevron USA subsidiary intended to sell all of its approximately 96.9 million Class A Dynegy shares in an underwritten public offering through Goldman, Sachs & Co.