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Friday, 05 December, 2008, 16:50 GMT | more >>

Chevron merger passes SEC muster



By Upstream staff 

The US Securities & Exchange Commission has cleared Chevron's proposed merger agreement with Unocal, paving the way for the 10 August shareholders' vote.

Chevron, which has offered to buy Unocal for $16.3 billion in stock and cash, said there were no other regulatory requirements barring the proposed deal.

Meanwhile, China National Offshore Oil Corporation's (CNOOC) $18.5 billion cash bid for Unocal still stands.

CNOOC executives and Unocal representatives are meeting this week in New York to discuss the proposed transaction, which incited heavy opposition from several members of the US Congress.


Wednesday, 29 June, 2005, 16:26 GMT  | last updated: Wednesday, 29 June, 2005, 17:18 GMT

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