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Unocal, Chevron To Create 4-Largest Company

US oil major Unocal's shareholders approved on Wednesday the takeover bid of $17 billion in cash and stock by Chevron Corp

US oil major Unocal?s shareholders approved on Wednesday the takeover bid of $17 billion in cash and stock by Chevron Corp., ending months of controversy with China's biggest offshore oil producer CNOOC Ltd.

Unocal shareholders voted to create the world's fourth largest publicly traded energy company in terms of oil and gas production. Chevron now gains Unocal's prized assets in Asia.
Unocal announced that holders of 77.2 percent of eligible shares favored the Chevron buyout and 2.6 percent were opposed. Of the shares actually voted, 96.6 percent approved the deal.

"This is an important milestone for Chevron, and I want to welcome Unocal employees to our company," Chevron chief executive David O'Reilly said in a statement.