Unocal (NYSE:UCL)
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Unocal Sets Date of Special Meeting for Vote on Chevron Merger
EL SEGUNDO, Calif., June 29 /PRNewswire-FirstCall/ -- Unocal Corporation
(NYSE:UCL) announced today that its board of directors has set Aug. 10, 2005,
as the date of the special meeting of Unocal's stockholders at which a vote is
scheduled to be taken on the proposed merger with Chevron Corporation
(NYSE:CVX). Stockholders who hold shares of Unocal common stock at the close
of business on June 29, 2005, the record date for the special meeting, will be
entitled to vote on the Chevron merger at the special meeting.
Unocal previously announced that on June 22, 2005, it received a proposal from
CNOOC Limited to acquire all outstanding shares of Unocal for $67 per share in
cash. Unocal also announced that it has received a waiver from Chevron
enabling Unocal to engage in discussions with CNOOC and its representatives
concerning the proposed CNOOC transaction.
In connection with entering into the Chevron merger agreement, the Unocal board
of directors recommended the transaction to Unocal's stockholders. That
recommendation remains in effect. Unocal expects that, prior to the August 10
special meeting, and after engaging in discussions with CNOOC, Unocal will
update stockholders regarding the Unocal board's evaluation of the CNOOC
proposal.
About Unocal Corporation
Unocal is one of the world's leading independent natural gas and crude oil
exploration and production companies. The company's principal oil and gas
activities are in North America and Asia.
Additional Information for Investors
Chevron has filed a Form S-4, Unocal will file a proxy statement and both
companies 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
Except for the historical and factual information contained herein, the matters
set forth herein, including statements as to the proposed merger transaction
with Chevron, the CNOOC proposal and other statements identified by words such
as "estimates," "expects," "projects," "plans," and similar expressions are
forward-looking statements within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties that may cause actual results
to differ materially, including uncertainties as a result of the CNOOC proposal
and other risk factors as detailed from time to time in Unocal's reports filed
or furnished with the SEC, including Unocal's most recent Annual Report on Form
10-K. You should not place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Unless legally
required, Unocal undertakes no obligation to update publicly any
forward-looking statements herein, whether as a result of new information,
future events or otherwise.
DATASOURCE: Unocal Corporation
CONTACT: News Media, Barry Lane, +1-310-726-7731, or Investors, Robert
Wright +1-310-726-7665, both of Unocal Corporation
Web site: http://www.unocal.com/