By OGJ editors
HOUSTON, June 29 -- The US Securities and Exchange Commission has cleared Chevron Corp.'s proposed acquisition of Unocal Corp., paving the way for Unocal shareholders to vote on Aug. 10.
Chevron's registration statement with the SEC contains a proxy statement for the special Unocal shareholders meeting. The US Federal Trade Commission issued its consent orders, subject to a 30-day public comment period, on June 10.
With SEC clearance and FTC approval, no other US regulatory requirements remain that could prevent the transaction, pending approval by Unocal stockholders. Meanwhile, CNOOC Ltd. made a competing offer for Unocal.
"The successful completion of US regulatory requirements demonstrates that our transaction can be brought to a quick and successful conclusion," said David J. O'Reilly, Chevron chairman and chief executive officer.
CNOOC on June 22 bid $67/share for Unocal in an unsolicited offer worth about $20 billion after payment of a $500 million break-up fee to rival bidder Chevron (OGJ, June 27, 2005, p. 25).
The offer topped the value of Chevron's pending acquisition of Unocal by an estimated $2 billion, which varies with stock prices (OGJ Online, Apr. 4, 2005).
