Updated: 2005-06-30
Oil exploration firm Unocal said its shareholders would meet August 10 to decide on takeover offers from US rival Chevron and China National Offshore Oil Company (CNOOC).

Unocal offices in Sugar Land, Texas. Oil exploration firm Unocal said its shareholders would meet August 10 to decide on takeover offers from US rival Chevron and China National Offshore Oil Company.

In a takeover battle seen as a test of China's economic and political clout, California-based Unocal said it would meet with the Chinese firm before the meeting and update its shareholders on its recommendation.

In the meantime, Unocal said that its recommendation in April for the merger with Chevron "remains in effect."

Chevron said in a separate statement that its registration statement for the acquisition of Unocal has been cleared by the Securities and Exchange Commission, clearing a final regulatory hurdle.

"The successful completion of US regulatory requirements demonstrates that our transaction can be brought to a quick and successful conclusion," said David O'Reilly, chairman and chief executive officer of Chevron.

"The Chevron-Unocal agreement presents a compelling, long-term investment opportunity for stockholders. Chevron has a proven track record of creating stockholder value from past mergers and acquisitions."

Chevron, the number two US oil company, reached a stock-cash deal for Unocal estimate to be worth some 16.3 billion dollars at current prices.

China National Offshore Oil Company launched an 18.5 billion-dollar all-cash offer for Unocal on June 23.

China National Offshore Oil Company said this week it had lined up 16 billion dollars worth of loans as part of its 18.5-billion-dollar bid.

China National Offshore Oil Company chief executive Fu Chengyu will head to the United States this week where he is expected to join the company's negotiation team and play a role in trying to allay US concerns over the deal.

Fu told Xinhua news agency that the company would cooperate in any review of its bid by the US Treasury's Committee on Foreign Investments in the United States (CFIUS).