Chevron’s Unocal Bid Gets More Backing
Chevron Corp.'s bid to buy Unocal Corp. won endorsements from two more shareholder advisory companies Wednesday, a day after China’s CNOOC Ltd. withdrew its higher offer for the El Segundo oil company.
The reports from Glass Lewis & Co. and Proxy Governance Inc., which come a week before Unocal shareholders vote on the Chevron deal, conclude that Chevron was offering a fair price for Unocal.
On Monday, the deal won the backing of Institutional Shareholder Services.
Chevron’s stock rose 79 cents to $60.35, raising the value of its stock-and-cash offer to $17.7 billion, or $64.90 per Unocal share. Unocal shares rose 37 cents to $64.90.