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Chevron forges ahead with Unocal buy



By Upstream staff 

Chevron said it is moving as quickly as possible to complete its $16 billion acquisition of smaller rival Unocal and could close the deal as soon as August.

The statement came as China's CNOOC mulls a counterbid for Unocal to trump Chevron's offer. However, a CNOOC executive said the company had not yet decided whether it would make an offer.

"We're doing everything we can to move this quickly like we would in every single one of them," said Chevron's global head of exploration and production George Kirkland. "I think we could be closed in the August timeframe."

When the agreement was signed in early April, Chevron had said it expected the two companies to be fully integrated within six months pending regulatory approval.

If CNOOC were to purchase Unocal, it would be the largest overseas acquisition by a Chinese company ever.


Wednesday, 22 June, 2005, 16:04 GMT  | last updated: Wednesday, 22 June, 2005, 16:56 GMT

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