August 3, 2005 |
CNOOC Ltd.'s withdrawal Tuesday from the bidding for Unocal Corp. lifts the pall of uncertainty that had hung over the California oil company's worldwide workforce for months, leaving workers distracted, anxious and ripe for poaching by headhunters and rivals.
August 2, 2005 |
Chevron Corp.'s bid to buy Unocal Corp. got a boost Monday when an influential shareholder advisory firm said a competing offer from CNOOC Ltd. wasn't high enough to offset the political uncertainties surrounding the Chinese company's proposal. Since CNOOC launched its rival bid June 22, the company's effort has been dogged by worries that political opposition from Washington could delay or block any deal it struck to buy the oil company.
July 30, 2005 |
Chevron Corp.'s standing in the battle for Unocal Corp. took a hit Friday when investors reacted to a tepid earnings report from the nation's No. 2 oil company by driving its stock price down and lopping $160 million off the value of its takeover bid. Unocal, meanwhile, disclosed in a regulatory filing that its top eight executives would collect a buyout package that could be worth almost $109 million. The total amount of the award, which would be paid by Chevron or rival bidder CNOOC Ltd.
July 28, 2005 |
Executives from Chevron Corp. and Unocal Corp. will begin visiting Unocal's largest shareholders today to win their backing for Chevron's takeover bid despite lingering hopes that a higher offer might come from China's CNOOC Ltd. El Segundo-based Unocal has agreed to be purchased by Chevron in a stock and cash deal worth $17.3 billion Wednesday, or $63.65 a share, and the company's shareholders will vote on that proposal Aug. 10.
July 27, 2005 |
CNOOC Ltd.'s $18.5-billion takeover bid for Unocal Corp. has been dealt a setback by a congressional vote delaying the approval of any deal, but the Chinese oil company is far from out of the race to scoop up the U.S. oil and gas producer, market observers say. Late Monday, a U.S. Senate-House conference committee finalizing a broad energy bill voted to approve a delay of as many as 141 days in a Bush administration review of CNOOC's bid for Unocal.
July 25, 2005 |
An investment firm that owns more than 1 million shares of Unocal Corp. has told the El Segundo oil giant that it is legally obligated to shareholders to consider an $18.5-billion bid from China's third-largest oil company because it is higher than an offer from Chevron Corp. In a letter Wednesday to Unocal's board, Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management, wrote that "it is your duty to maximize value for stockholders," and that "It is a violation of ...