Unocal shareholders okay takeover by Chevron

Unocal Corp. shareholders overwhelmingly accepted a cash-stock takeover bid from Chevron Corp. during a special meeting near Los Angeles. The transaction’s final value, excluding debt, was $17.9 billion.The resulting company is Chevron, and Unocal shares were being dropped from the New York Stock Exchange. Unocal said 77.2% of eligible shares favored the Chevron buyout, and 2.6% opposed it. Of the shares actually voted, 96.6% approved.The Aug. 10 meeting ended months of work for Chevron, which offered to acquire Unocal in April (OGJ Online, Apr. 4, 2005). Later, Chevron found itself in a bidding contest with China’s CNOOC Ltd., which made an unsolicited offer for Unocal on Jun...

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