Unocal will buy stock for its profit-sharing plan.
The Los Angeles-based oil company said it will purchase 8.5 million shares of common at $29.50 on the open market for its employee profit-sharing plan over an unspecified period of time. If completed, the plan’s holdings will increase from 5.3% to more than 10% of Unocal common. Unocal closed down 12.5 cents at $28 on the New York Stock Exchange on Wednesday.
For the record:
12:00 AM, Sep. 20, 1985 FOR THE RECORD
Los Angeles Times Friday September 20, 1985 Home Edition Business Part 4 Page 2 Column 4 Financial Desk 1 inches; 33 words Type of Material: Correction
The Times incorrectly reported in Wednesday’s editions that Unocal was buying shares for its employee profit-sharing plan at a specific price. It is not. The price was to be used only for determining the registration fee for the shares.