(Repeats story published on Saturday; no changes to text)
By Morag MacKinnon
PERTH, March 28 (Reuters) - U.S. energy giant Chevron sold its entire stake in refiner Caltex Australia Ltd for A$4.7 billion ($3.7 billion) in Asia's biggestblock deal this year, as falling oil prices and high costs hurtmargins.
Offshore institutional investor demand for the 50 percentstake in Australia's biggest refiner was strong, with biddingdriving the final price to A$35 a share, a spokeswoman forGoldman Sachs, the sole underwriter for the deal,confirmed on Saturday.
The bank offered the 135 million shares at a floor price ofA$34.20 each late on Friday, a discount of 9.7 percent to theclosing price.
Caltex shares have risen 10.7 percent this year, outpacing a9.4 percent rise in the benchmark Australian share index.
The $3.7 billion deal is Asia's largest block transactionthis year, eclipsing the government of India's $3.6 billion saleof its stake in Coal India Ltd in January.
Australia has seen a rush of block trades in the past monthas investors look to capitalise on strong valuations following ashare market that is rising on hopes of more interest rate cuts.
A halving in global oil prices since mid-2014 has added tothe pressures on Australian refiners, which are grappling withageing equipment, cheaper imports and high costs. Many firms,including Caltex Australia, have closed refineries while othershave restructured operations.
Chevron is the latest global major to exit Australia'srefining industry. Last year, Royal Dutch Shell Plc sold its Australian petrol station and refinery operations forA$2.9 billion and BP Plc, which shut down its BulwerIsland oil refinery in Queensland, is also selling itsAustralian bitumen business.($1 = 1.2905 Australian dollars) (Reporting by Morag MacKinnon; With additional reporting byDenny Thomas and Byron Kaye; Editing by Kim Coghill)