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Reply #2: Chevron 2Q Report Could Sway Unocal Bid [View All]

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ozymandius Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jul-29-05 05:24 AM
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2. Chevron 2Q Report Could Sway Unocal Bid
SAN FRANCISCO (AP) -- The stakes will be higher than usual Friday morning when Chevron Corp. discloses its second-quarter earnings -- the results could deliver a pivotal blow in the company's politically charged battle to buy Unocal Corp.

The financial report for the three months ended in June will carry added punch because it's likely to influence the price of Chevron's stock, which is being used to pay for 60 percent of the company's Unocal bid.

If Chevron's quarterly profit is impressive enough to boost the company's stock price, then the Unocal offer becomes worth more than its value of $17.3 billion, or $64.02 per share, based on Thursday's trading on the New York Stock Exchange.

As Chevron's bid becomes more valuable, it becomes more difficult for China's government-owned CNOOC Ltd. to overcome the prickly political opposition to its rival bid and persuade Unocal shareholders to accept its higher all-cash offer of $18.1 billion, or $67 per share.

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