SAN RAMON, CA — According to reports from the Wall Street Journal, ChevronTexaco has beat out several competitors in a bid for California-based oil company Unocal.
ChevronTexaco has agreed to buy the business for a cash and stock mix valued at $16.8 billion, making this the largest oil-sector deal since the 2001 merger of Chevron Corp. and Texaco Inc., the Journal said.
Chevron Texaco swooped in after an all-cash offer fell through from the China National Oil Offshore Corporation (CNOOC), China’s major energy mogul. Eni SpA, an Italian oil firm, was also in the running for ownership, according to news reports.
Dave O’Reilly, chief executive for ChevronTexaco, told the paper the two companies were a good fit because of their complementary geographic focus and strategy.
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