Unocal Stockholders Approve Merger With Chevron
Stockholders of Unocal Corporation have approved the merger agreement between Unocal and Chevron Corporation at Unocal's special meeting of stockholders, paving the way to create a combined company that will be the fourth largest publicly traded energy company in the world in terms of oil and gas production.
Unocal said that 77.2 percent of the company's outstanding stock, or 210.26 million shares, voted to approve the merger. Unocal had approximately 272.3 million shares outstanding as of the June 29, 2005, record date.
The merger was expected to complete late yesterday.
"This meeting and vote marks a major turning point in the history of Unocal, one of the energy industry's oldest and most successful companies," said Charles R. Williamson, Unocal chairman and chief executive officer. "For more than a century, generations of talented Unocal employees created a remarkable record of innovation and productivity. Their work has helped to improve the quality of life for millions of people in North America, Asia and other parts of the world."
Under the terms of the Chevron merger, Unocal stockholders could elect to receive for each Unocal share either $69 in cash, 1.03 shares of Chevron stock or a combination of $27.60 in cash and 0.618 of a share of Chevron stock, with the all-cash and all-stock elections subject to proration.
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