Unocal shareholders approve Chevron takeover offer

Unocal shareholders approve Chevron takeover offer

[JURIST] In a joint statement issued Wednesday, Unocal [corporate website; JURIST news archive] and Chevron [corporate website] announced early results from a vote of a majority of Unocal shareholders that favored acceptance of a Chevron offer of $69 per share. The approval of the nearly $18 billion purchase comes after months of negotiations and contentious competition [JURIST report] from China National Offshore Oil Company Ltd. (CNOOC) [official website], an oil company connected to the Chinese government trying to secure resources for China's booming economy. CNOOC eventually withdrew its bid [JURIST report], citing "unprecedented political opposition" from US lawmakers. According to the press release, the vote count will be officially tallied by August 17. AP has more.