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Unocal To Consider China's Offer

US oil major Unocal Corp. said on Wednesday it intended to evaluate merger proposal from China

US oil major Unocal Corp. said on Wednesday it intended to evaluate an $18.5-billion merger proposal from the China National Offshore Oil Ltd (CNOOC).

Unocal, which has already agreed to be acquired by Chevron Corp., said it received a proposal from CNOOC Ltd. to acquire all Unocal shares for $67 per share in cash.

In a statement posted on its website, Unocal said it intends to evaluate the merger offer from CNOOC "in a manner consistent with the board's fiduciary duties and its obligations under the Chevron agreement.

The earlier offer was priced at $16.6 billion, lower than that of the CNOOC.