Unocal shareholders say yes to Chevron

EL SEGUNDO, Calif., Aug. 10 (UPI) -- Shareholders of California-based Unocal Corp. Wednesday overwhelmingly approved Chevron Corp.'s $17 billion takeover offer.

While final results were not expected until next week, 77.2 percent of Unocal stockholders followed the recommendation of the Unocal board, the companies said Wednesday.

Most shareholders opted to take cash for their equities. By more than a 10-to-1 margin, Unocal shareholders selected the choice of $69 per share.

Unocal was the object of a bidding war between Chevron and China's state-owned Cnooc Ltd., which offered $18.5 billion. Cnooc withdrew its offer after political resistance from some members of Congress.