Unocal Corp. said on Thursday that it has received a waiver from Chevron Corp. that enables it to negotiate with Chevron's Chinese rival bidder for the US gas and oil company.
In a statement issued on Thursday, Unocal said it intends to promptly commence discussions with China National Offshore Oil Corporation Ltd (CNOOC) on its proposed acquisition offer, which is two dollars more per share than Chevron's bid made in April.
Unocal on Wednesday received an acquisition proposal from CNOOC, an affiliate of China National Offshore Oil Corp. CNOOC proposed to acquire all outstanding shares of Unocal for US$67 per share or a cash total of US$18.5 billion.
Unocal said it obtained permission from Chevron, which offered US$65 a share for Unocal, to engage in discussions with CNOOC and its representatives at any time before Unocal stockholders meet to vote on the proposed merger with Chevron.
Unocal said that a date for the Unocal stockholder meeting has not yet been set. It added that its board of directors has recommended the Chevron deal to stockholders and the recommendation remains.
Unocal is an independent natural gas and crude oil exploration and production company. Its principal activities are in North America and Asia.
(Xinhua News Agency June 24, 2005)