Unocal shareholders approve Chevron purchase
11 August 2005
Unocal shareholders on Wednesday approved the sale of the company's energy assets to Chevron, the US' second biggest oil and gas group, ending the chances of Chinese government-owned China National Offshore Oil Company to secure Unocal's mostly Asian assets, the Financial Times reported. The approval was expected after rival bidder CNOOC declined to counter Chevron's final offer, which was valued at $63 per share in cash and stock. Though CNOOC's bid was higher, at $67 per share, and all in cash, it risked being blocked by the US on national security grounds.