Unocal bought for $18 billion
ChevronTexaco announced today that it is to acquire Unocal in a stock and cash transaction valued at approximately $18 billion, including net debt.

announced today that it is to acquire
, an independent natural gas and crude oil exploration and production company, in a stock and cash transaction valued at approximately $18 billion, including net debt.
"Unocal is a unique independent with supermajor assets that are an excellent fit with our existing portfolio and our long-term strategies -- to grow profitably in core upstream areas, build new legacy positions and commercialise our large undeveloped natural gas resource base," said Dave O'Reilly, ChevronTexaco Chairman and CEO.
According to a joint statement, the acquisition consideration is structured as 75 percent stock and 25 percent cash, providing an overall value of approximately $62 per share based on the closing price of ChevronTexaco stock on April 1.
Unocal shareholders may elect to receive either 1.03 shares of ChevronTexaco stock or $65 in cash for each share of Unocal stock. ChevronTexaco will issue approximately 210 million shares of ChevronTexaco stock and pay approximately $4.4 billion in cash. The company will also assume estimated net debt of $1.6 billion.
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