Shareholders of oil and gas company Unocal Corp will vote Aug. 10 on a proposed merger with Chevron Corp valued at approximately US$16.6 billion, even if Unocal's board subsequently accepts a rival bid from Chinese oil company China National Offshore Oil Corp Ltd (CNOOC, 中國海洋石油).
Unocal sent proxy materials to its shareholders of record as of Wednesday with a letter from chairman and chief executive officer Charles Williamson reiterating the board's unanimous recommendation to accept the Chevron bid.
The letter also noted the June 22 offer from CNOOC, valued at US$18.5 billion, and said the board is in discussions with the company and would report to shareholders on the talks before the Aug. 10 meeting.
Chevron noted in a press release that the US Securities and Exchange Commission had cleared Chevron's registration statement for the Unocal transaction, the last regulatory hurdle for the deal.
Chevron's offer gives Unocal shareholders a choice between cash and stock or all cash.
Since CNOOC made its all-cash bid last week, Chevron has emphasized that its offer was superior because it had already cleared regulatory reviews.
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