Unocal (NYSE:UCL)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Unocal Charts. Click Here for more Unocal Charts.](/p.php?pid=staticchart&s=NY%5EUCL&p=8&t=15)
Unocal Accepts Increased Offer from Chevron
SAN RAMON, Calif. and EL SEGUNDO, Calif., July 20 /PRNewswire-FirstCall/ -- -
Chevron Corporation (NYSE:CVX) and Unocal Corporation (NYSE:UCL) today jointly
announced an amended merger agreement, which provides for an increase in the
consideration to be received by Unocal stockholders.
The revised transaction is structured as 40 percent cash and 60 percent stock,
providing an overall value of $63.01 per share of Unocal common stock based on
the closing price of Chevron stock on July 19, 2005.
Unocal stockholders may elect to receive, for each share of Unocal stock,
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 common stock, with the all-cash and
all-stock elections subject to proration. In the aggregate, Chevron will issue
approximately 168 million shares of Chevron stock and pay approximately $7.5
billion in cash.
The Unocal board of directors recommends that Unocal stockholders vote in favor
of adopting the Chevron merger agreement, as amended, at the special meeting of
stockholders scheduled for Aug. 10, 2005.
Additional Information for Investors
Chevron has filed a Form S-4, Unocal has filed a proxy statement and both
companies have filed and will file other relevant documents concerning the
proposed merger transaction with Chevron with the Securities and Exchange
Commission (SEC). INVESTORS ARE URGED TO READ THE FORM S-4, PROXY STATEMENT AND
ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. You may obtain the documents free of charge at the Web site
maintained by the SEC at http://www.sec.gov/. In addition, you may obtain
documents filed with the SEC by Chevron free of charge by contacting Chevron
Comptroller's Department, 6001 Bollinger Canyon Road -- A3201, San Ramon, CA
94583-2324. You may obtain documents filed with the SEC by Unocal free of
charge by contacting Unocal Stockholder Services at 800-252-2233, 2141
Rosecrans Avenue, Suite 4000, El Segundo, CA 90245.
Chevron, Unocal, and their respective directors and executive officers may be
deemed to be participants in the solicitation of proxies from Unocal's
stockholders in connection with the proposed Chevron merger. Information about
the directors and executive officers of Chevron and their ownership of Chevron
stock is set forth in the proxy statement for Chevron's 2005 Annual Meeting of
Stockholders. Information about the directors and executive officers of Unocal
and their ownership of Unocal stock is set forth in the proxy statement for
Unocal's 2005 Annual Meeting of Stockholders. Investors may obtain additional
information regarding the interests of such participants by reading the Form
S-4 and proxy statement for the merger. Investors should read the Form S-4 and
proxy statement carefully before making any voting or investment decisions.
Cautionary Information Regarding Forward-Looking Statements
This news release contains forward-looking statements about matters such as the
proposed merger transaction with Chevron. Although these statements are based
upon Unocal's current expectations and beliefs, they are subject to known and
unknown risks and uncertainties that could cause actual results and outcomes to
differ materially from those described in, or implied by, the forward-looking
statements, including uncertainties as a result of the CNOOC proposal,
international and domestic political and economic factors, volatility in
commodity prices, and other factors discussed in Unocal's 2004 Annual Report on
Form 10-K and subsequent reports filed or furnished by Unocal with the SEC.
Copies of Unocal's SEC filings are available from Unocal by calling
800-252-2233 or from the SEC by calling 800-SEC-0330. The reports are also
available on the Unocal web site, http://www.unocal.com/. Unocal undertakes no
obligation to update the forward-looking statements in this news release to
reflect future events or circumstances. All such statements are expressly
qualified by this cautionary statement, which is provided pursuant to the safe
harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934.
DATASOURCE: Chevron Corporation
CONTACT: Donald Campbell of Chevron, +1-925-842-2589; or Barry Lane of
Unocal, +1-310-726-7731, or Robert Wright of Unocal Investor Relations,
+1-310-726-7665
Web site: http://www.chevron.com/