Emptive

Dynegy Inc. said Thursday that its major shareholder, ChevronTexaco, plans to exercise its pre-emptive right to retain a proportionate 26.5% common stock ownership interest in the Houston-based company. ChevronTexaco said it will purchase 10.4 million shares of Class B common stock, with net proceeds from the sale totaling $205 million to be used for general corporate purposes, including debt reduction.