Unocal's board of directors has recommended that the company's shareholders accept the sweetened US$17.1bn takeover bid from Chevron, snubbing the higher but controversial US$18.5bn all-cash offer from China's state-owned CNOOC, according to a joint Unocal-Chevron statement. Unocal shareholders will vote on the merger August 10. Citing investors and analysts, Bloomberg reported today that CNOOC may walk away from Unocal in favor of other U.S. oil producers, such as Marathon Oil Corp, Amerada Hess Corp or Murphy Oil Co.
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