Wednesday, August 10, 2005

Unocal vote set

Unocal shareholders are set to vote on Chevron's takeover bid:

After months of haggling and international intrigue, Unocal Corp. shareholders will finally meet today to approve a takeover by Chevron Corp.

The vote will mark the end of Unocal as an independent company and a rebuffing of Chinese attempts to secure much-needed energy resources by buying an American oil company.

Few doubt Chevron will win approval after rival Chinese bidder CNOOC Ltd. pulled out of the takeover battle citing intense political opposition. Once it receives the blessing of shareholders, Chevron plans to close the deal as soon as today.