Unocal Corp. was ready to approve a merger agreement with CNOOC Ltd. had the Chinese state-owned oil company sufficiently raised its $67 a share bid, Unocal said.
The companies mostly completed a draft merger agreement that would have displaced Chevron Corp.’s bid for Unocal, the El Segundo-based oil company said in a proxy statement filed Monday with the Securities and Exchange Commission.
Unocal Chief Executive Charles Williamson told CNOOC Chief Executive Fu Chengyu on July 15 that a deal likely could be made if he raised the price.
