Unocal Board Backs Revised Chevron Bid

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Unocal’s board of directors has endorsed a $17 billion takeover bid from Chevron, rejecting a higher offer from one of China’s state-owned oil companies.


Chevron boosted its offer by $2 per share to $63 per share or $17 billion overall shortly before the Unocal board met Tuesday night. CNOOC Ltd., an affiliate of China National Offshore Oil Corp., has an $18.5 billion offer on the table for the El Segundo-based company. Unocal’s board had previously also endorsed Chevron’s lower offer over the higher CNOOC bid.


The decision late Tuesday could signal an end to China’s most ambitious attempt yet to acquire an American corporation.


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