Unocal Stockholder Sues Over Acquisition Deal

A Unocal Corp. stockholder filed suit against the El Segundo-based oil company, alleging that Unocal’s agreement to be acquired by ChevronTexaco Corp. was unfair to Unocal’s investors.

Unocal agreed Monday to be bought for cash and ChevronTexaco stock totaling $16.4 billion, or about $62 a share. Unocal’s stock closed at $64.35 on Friday, then fell to $59.60 a share on the New York Stock Exchange after the deal was announced.

The suit was filed Monday in Los Angeles Superior Court on behalf of Unocal shareholder Michael Lieb and other investors, who are seeking class-action status. Unocal spokesman Barry Lane declined to comment.

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James F. Peltz