Unocal Stockholders Approve Merger With Chevron
10 Août 2005 - 9:07PM
PR Newswire (US)
EL SEGUNDO, Calif., Aug. 10 /PRNewswire-FirstCall/ -- Unocal
Corporation (NYSE:UCL) said that the company's stockholders today
approved the merger agreement between Unocal and Chevron
Corporation (NYSE:CVX) 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. Unocal and Chevron expect to
complete the merger later today. "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. Unocal, headquartered in El Segundo, Calif., has crude
oil and natural gas operations in North America, Asia and the
Caspian region that make a strong strategic fit with Chevron core
areas of operations and will enhance Chevron's growth strategies.
Unocal currently has approximately 6,400 employees worldwide.
Additional Information for Investors Chevron has filed a Form S-4
and both companies have filed 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 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. 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 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 volatility in commodity
prices and other factors discussed in Unocal's 2004 Annual Report
on Form 10-K, Chevron's 2004 Annual Report on Form 10-K and
subsequent reports filed or furnished by Unocal or Chevron with the
SEC. 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: Unocal
Corporation CONTACT: Media, Barry Lane, +1-310-726-7731, or
Investors, Robert Wright, +1-310-726-7665, both of Unocal
Corporation
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