Chevron’s Unocal takeover bid clears SEC hurdle

Chevron Corp. said June 29 that its proposed $16.4 billion takeover of rival Unocal Corp. has cleared its final regulatory hurdle, meaning the offer now hangs on a shareholder vote on Aug. 10.

El Segundo, Calif.-based Unocal originally accepted Chevron’s bid but is also now considering a higher, $18.5 billion offer from China’s state-owned oil company CNOOC Ltd.

The Securities and Exchange Commission has cleared Chevron’s registration statement for the transaction, the company said. This was the final U.S. regulatory requirement following the Federal Trade Commission’s approval of the deal.

Unocal said shareholders of record from June 29 will be eligible to vote on the buyout.

Chevron shares fell 31 cents to $56.69, while Unocal shares slipped 40 cents to $65.39 in midday trading on the New York Stock Exchange. CNOOC’s American depositary shares rose 11 cents to $59.11 on the NYSE.

—The Associated Press