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Shareholders OK takeover

Thursday, Aug. 11, 2005 | 9:19 a.m.

LOS ANGELES -- When Unocal Corp. Chief Executive Chuck Williamson first discussed a possible sale to Chinese oil and gas company CNOOC Ltd. last December, he and his CNOOC counterpart, Fu Chengyu, knew there would be political repercussions.

What they didn't count on was the firestorm that would eventually scuttle any deal between the two companies and clear the way for Chevron Corp. to buy Unocal in a stock and cash deal valued at approximately $18 billion.

"This touched a nerve," Williamson said Wednesday after Unocal shareholders voted overwhelmingly to approve the Chevron takeover.

Late Wednesday, Unocal ceased to exist as an independent company and its shares were delisted from the New York Stock Exchange. The new company will simply be known as Chevron Corp., with headquarters in San Ramon, Calif.

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