Unocal Recommends Rejecting Bid From TRC

Unocal Corp. is recommending that its shareholders reject TRC Capital Corp.’s unsolicited offer to buy as many as 7.5 million Unocal shares, which represents a stake of about 3.1% in the oil company.

TRC, a closely held Canadian company, has offered $30.35 each for the shares. Unocal shares rose $1.12 to close at $31.52 on the NYSE, before the news was announced.

El Segundo-based Unocal, which explores for oil and natural gas in North America and Asia, said that it received the offer Thursday and that TRC has given no assurances it will have enough money to complete the offer.