Chevron and Unocal Reach Agreement With Federal Trade Commission Staff
09 Juin 2005 - 1:29AM
PR Newswire (US)
Chevron and Unocal Reach Agreement With Federal Trade Commission
Staff SAN RAMON, Calif., June 8 /PRNewswire-FirstCall/ -- Chevron
Corporation (NYSE:CVX) and Unocal Corporation (NYSE:UCL) today said
they executed agreements with the Federal Trade Commission (FTC)
staff proposing a settlement to resolve all outstanding FTC issues
associated with Chevron's proposed acquisition of Unocal. The terms
of the settlement relate exclusively to Unocal's intellectual
property for reformulated gasoline, which has been the subject of
ongoing litigation between Unocal and the FTC. The proposed
settlement also would resolve that litigation contingent on
completion of the proposed acquisition, and as a result, the
parties have filed a joint motion to withdraw the case from
adjudication. The proposed settlement is subject to acceptance by
the commission for public comment and approval by the commission
following the public comment period. "This is a very positive step
toward achieving regulatory approval," said David O'Reilly, Chevron
Chairman and Chief Executive Officer. "We are optimistic about
completing the regulatory review shortly and look forward to the
prompt consummation of the acquisition." The proposed acquisition
remains subject to approval by Unocal stockholders and the
fulfillment of other customary conditions. Chevron Corporation is
one of the world's leading energy companies. With more than 47,000
employees, Chevron subsidiaries conduct business in approximately
180 countries around the world, producing and transporting crude
oil and natural gas, and refining, marketing and distributing fuels
and other energy products. Chevron is based in San Ramon, Calif.
More information on Chevron is available at
http://www.chevron.com/. Unocal Corporation 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. Unocal is based in El
Segundo, Calif. Additional information on Unocal is available at
http://www.unocal.com/. Additional Information and Where to Find It
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 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 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 by contacting Unocal Stockholder Services at
800-252-2233, 2141 Rosecrans Avenue, Suite 4000, El Segundo, CA
90245. Interest of Certain Persons in the Merger 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 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 in this news
release, including statements as to regulatory approvals for the
merger, litigation involving Unocal's intellectual property for
reformulated gasoline, timing expectations to complete the merger
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 required approvals by Unocal stockholders and regulatory
agencies of the merger, the satisfaction of other closing
conditions contained in the merger agreement and other risk factors
relating to our industry as detailed from time to time in each of
Chevron's and Unocal's reports filed with the SEC, including each
such company'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, neither Chevron nor Unocal undertakes any obligation to
update publicly any forward-looking statements herein, whether as a
result of new information, future events or otherwise. DATASOURCE:
Chevron Corporation CONTACT: Donald Campbell of Chevron
Corporation, +1-925-842-2589; or Barry Lane of Unocal Corporation,
+1-310-726-7731 Web site: http://www.unocal.com/ Web site:
http://www.chevron.com/
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