Unocal board recommends shareholders accept revised Chevron bid

Unocal’s board of directors Tuesday recommended that its shareholders accept a last-minute, $17 billion US merger bid from Chevron, rejecting a higher offer from China’s third-largest oil company.

Chevron boosted its offer by $2 per share shortly before the Unocal board met Tuesday night, raising its bid to $63 per share or more than $17 billion. It originally bid about $16.6 billion.