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EL SEGUNDO - 07/21/05 - California-based oil giant Unocal has rebuffed an $18.5 billion takeover offer from China's state-owned CNOOC with the provisional approval of an "improved" $17.1-billion-dollar acquisition offer from US-based Chevron.
Unocal, the ninth-largest US oil company, and Chevron jointly announced the proposed merger, which will be submitted August 10 to a vote by Unocal shareholders.