Proxy Firm ISS Recommends Unocal Accept Chevron Bid

Influential proxy firm Institutional Shareholder Services (ISS) on Monday recommended Unocal Corp. shareholders vote for a merger with Chevron Corp., citing the “highly uncertain” nature of the offer by China Offshore Oil Co. Ltd. (CNOOC). Unocal shareholders will vote on Chevron’s $17 billion cash-and-stock offer Aug. 10.

August 2, 2005
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