Chevron said its Gulf Canada deal collapsed.

The San Francisco-based oil company said that Olympia & York, a closely held firm controlled by the Reichmann family of Canada, let its agreement to purchase Chevron's 60% interest in Gulf Canada for about $3 billion (Canadian) expire at 5 p.m. Wednesday. The Reichmanns had the option to get out of the deal if they couldn't solve certain legal and tax problems associated with the purchase. Chevron, which had extended the offer three times at the Reichmanns' request, said it will continue to look for a buyer for all or part of its Gulf Canada interests.

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