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COPYRIGHT 2005 Hart Publications, Inc.
At press time, Unocal Corp., El Segundo, Calif., (NYSE: UCL) was considering a counter-proposal from CNOOC Ltd., (NYSE: CEO) an affiliate of China National Offshore Oil Co., to acquire the company for US$67 per share. The all-cash offer values Unocal at approximately US$18.5 billion--some US$500 million more than the Chevron Corp. (NYSE: CVX) offer.
The date of the Unocal stockholder meeting to vote on the Chevron offer was in August, but Unocal intends to commence discussions with CNOOC. The Unocal board's recommendation that Unocal stockholders accept Chevron's bid remains in effect.
Unocal agreed to be acquired by Chevron in April for US$65 in cash or 1.03 CVX shares or a combination per Unocal share. The ratio is 75% stock and 25% cash. The offer places an average value per Unocal share at $62.
Chevron would issue approximately 210 million CVX shares and pay approximately $4.4 billion in cash, plus assume estimated net debt of $1.6 billion.
CNOOC chairman and chief executive Fu Chengyu has written...
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