Final Unocal Shareholder Tally Released

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Chevron Corp. on Tuesday announced the final results of the payout options that Unocal Corp. shareholders chose related to Chevron’s acquisition of the company, with the all-cash option including a greater mix of stocks than had been previously anticipated.


Shareholders who opted to receive cash for their shares as part of the El Segundo-based oil producer’s acquisition will receive $29.76 in cash and 0.59 of a share of Chevron Corp. stock for each Unocal share they hold.


Under the preliminary results disclosed on Aug. 10, Unocal said shareholders choosing the all-cash option would receive $30.13 and 0.58 of a share of Chevron Corp. stock for each Unocal share.


The all-cash election, as well as the all-stock option, were subject to a prorated mix of cash and stocks to maintain the overall per share mix of 0.618 of a share of Chevron common stock and $27.60 in cash for all outstanding shares of Unocal common stock taken together.


Shareholders who chose to be paid fully in stock will receive 1.03 Chevron shares for each share of Unocal common stock.


Those who voted for a mixed payout will get 0.618 of a share of Chevron stock and $27.60 in cash. Shareholders who didn’t specifically choose a payout will get this same combination.


The cash portion of the merger consideration is expected to be paid tomorrow, Chevron said in a statement.


On Aug. 10, Unocal shareholders approved the transaction with 210 million shares representing 77.2 percent of the company’s outstanding stock voted in favor.


The deal put to rest an unprecedented competition with CNOOC Ltd., the Chinese government-controlled oil company whose higher offer for Unocal spurred heated political debate. CNOOC dropped out of the contest a week before.

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