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Last Updated: Wednesday, 10 August 2005, 18:32 GMT 19:32 UK
Unocal shareholders back Chevron
Unocal platform off Thailand
Unocal's board had already backed Chevron's bid
Shareholders of oil and gas producer Unocal have given their preliminary approval to a $17.3bn (9bn) takeover offer from larger US rival Chevron.

The deal, which is expected to be rubber stamped on 17 August, will pay $30.13 in cash and 0.6 Chevron shares for each Unocal share.

Until last week Chinese oil producer CNOOC was putting forward a rival and higher $18.5bn offer for Unocal.

CNOOC eventually pulled out due to strong political opposition in the US.

Some US politicians said the offer from the state-owned Chinese company posed a potential threat to national security.

This left the way clear for Chevron, whose offer had been approved by the Unocal board on 20 July.


SEE ALSO:
Chinese firm abandons Unocal bid
02 Aug 05 |  Business
Unocal backs Chevron's new offer
20 Jul 05 |  Business
China calls for Unocal bid review
03 Jul 05 |  Business
China oil firm in Unocal bid war
23 Jun 05 |  Business


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