ChevronTexaco agrees to acquire Unocal in $18 billion transaction

ChevronTexaco Corp. and Unocal Corp. have reached an agreement whereby ChevronTexaco will acquire Unocal in a transaction valued at $18 billion in stock and cash, including net debt.The acquisition would represent the largest union of US oil and gas companies since the Conoco Corp. and Phillips Petroleum Co. $15 billion merger in late 2002 (OGJ Online, Aug. 30, 2002).With $93 billion in total assets at yearend 2004 and $11 billion in debt, ChevronTexaco, San Ramon, Calif., is the second largest US oil and gas company behind ExxonMobil Corp. Its subsidiaries conduct business in 180 countries worldwide, and in 2004 it posted a $13.3 billion profit.Unocal, the ninth largest oil and gas compa...

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