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.