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Unocal ready to talk with CNOOC on merger
(Xinhua)
Updated: 2005-06-24 15:49
LOS ANGELES -- Unocal Corp. said on Thursday that it has got a waiver from
Chevron Corp., enabling it to negotiate with Chevron's Chinese rival bidder for
the US gas and oil company.
The offices of
Unocal Corporation at 2141 Rosecrans Avenue in El Segundo, California near
Los Angeles pictured June 18, 2003.[Reuters] | In a statement issued Thursday, Unocal said it intends promptly to commence
discussions with China National Offshore Oil Corporation (CNOOC) Ltd. on its
proposed merger offer, which is two dollars higher than Chevron's April bid for
Unocal a share.
Unocal on Wednesday received a merger proposal from CNOOC Ltd.,an affiliate
of China National Offshore Oil Corp., which offers to acquire all outstanding
shares of Unocal for 67 US dollars per share in cash or a total of 18.5 billion
US dollars in cash.
Unocal said it got a permission from Chevron, which offered 65 dollars a
share for Unocal, to engage in discussions with CNOOC Ltd. and its
representatives at any time until the date of the Unocal stockholders voting on
the proposed merger with Chevron.
Unocal said so far the date of the Unocal stockholder meeting has not yet
been set. But it said its board of directors has recommended the Chevron bid to
Unocal stockholders and the recommendation remains in effect.
Unocal is an independent natural gas and crude oil exploration and production
company. Its principal activities are in North America and Asia.
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