THIS IS A RUSH TRANSCRIPT.  THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. DEBORAH MARCHINI, CNN ANCHOR: Another big story we're watching for you today is developments involving the pending merger of Chevron and Texaco. Almost a year after that deal was announced, the companies have taken some significant steps that could allow them to complete it. Lionel Barber is standing by in the London newsroom of the "Financial Times" with details. And, Lionel, what did they come up with?</s>LIONEL BARBER, "FINANCIAL TIMES": Well, this is a rather complicated arrangement -- you'd expect that, I guess, after years of negotiations -- but essentially, there are two joint ventures between Chevron and Texaco covering refining and marketing, which according to a filing to the Securities and Exchange Commission, the deal is that these two ventures will be put into a trust and left there if a deal cannot be negotiated within the eight months timeframe to sell to Shell. That's the rival oil company, which has actually been looking at these assets and was very interested in trying to agree a purchase price, but the problem was that the price was too high.</s>MARCHINI: All right. Thank you, Lionel Barber, of the "FT."
Chevron and Texaco Move Forward With Pending Merger