Chevron finally takes Unocal

Shareholders of oil and gas company Unocal Corp. formally voted Wednesday to accept a takeover bid by Chevron Corp., even as some at the meeting continued to lament a failed rival bid by a Chinese oil company. At a special meeting, Unocal shareholders voted to create the world's fourth largest publicly traded energy company in terms of oil and gas production. Chevron now gains Unocal's prized assets in Asia.

Unocal announced that holders of 77.2 percent of eligible shares favored the Chevron buyout and 2.6 percent were opposed. Of the shares actually voted, 96.6 percent approved the deal, Xinhua reports.

"This is an important milestone for Chevron, and I want to welcome Unocal employees to our company," Chevron chief executive David O'Reilly said in a statement.

"Chevron has proven technical and financial capabilities to maximize the full value of Unocal's world-class assets, and Unocal's talented employees worldwide will enhance our organizational capability," he said.

According to AP, CNOOC's bid caused a political uproar, and was clearly on the minds of about 100 Unocal shareholders and employees gathered at a hotel for the final vote. Several expressed patriotic pride in Unocal being sold to a US company, while some suggested the company may have sold too soon.

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