Chevron completes Unocal deal; purchase spells end of 115-year-old oil company

Oil giant Chevron Corp. completed its $17.9 billion purchase of Unocal Corp Wednesday, the finale of a tortuous four-month takeover that touched off an international bidding war and strained the United States' relations with China.

bdnews24.com
Published : 10 August 2005, 12:00 PM
Updated : 10 August 2005, 12:00 PM
Dhaka, Aug 11 (BDNEWS) - Oil giant Chevron Corp. completed its $17.9 billion purchase of Unocal Corp Wednesday, the finale of a tortuous four-month takeover that touched off an international bidding war and strained the United States' relations with China.
The two companies, both survivors of California's 19th century oil boom, declared the sale done just hours after a Unocal shareholders meeting in a Los Angeles-area hotel voted to support it, with more than 96 percent in favour, according to a message received here Thursday.
Unocal is one of the largest oil companies that operate in South and South East Asian countries including Bangladesh. It supplies gas from two gas fields -- Moulavibazar and Jalalabad and is developing Bibiyana field having 2.4 TCF gas reserves.
The company's stockholders approved the merger agreement paving the way to create a combined company that will be the fourth largest publicly traded energy company in the world in terms of oil and gas production.
"This meeting and vote marks a major turning point in the history of Unocal, one of the energy industry's oldest and most successful companies," said Charles R. Williamson, Unocal chairman and chief executive officer.
BDNEWS/1845 hrs

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