US Oil Giant Plans $US18b Takeover
US oil company Chevron Texaco has taken over rival Unocal in a stock and cash deal valued at 18 billion US dollars.
The deal will help the number-two US oil company boost its oil and natural gas reserves in the Asia Pacific region.
The purchase, the biggest in years in the oil sector, still has to be approved by shareholders and US regulators.
The deal will increase Chevron Texaco's production and reserves by about 15 per cent.
Unocal is one of the largest independent oil and gas exploration firms.
(CRI Apr. 2005)