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Mergers, Acquisitions, Alliances and Synergies Case Study
Case Title:
Chevron's Acquisition of Unocal : A Hard Won Battle and the Business Prospects
Publication Year : 2005
Authors: Mercy Mathew, Souvik Dhar
Industry: Energy
Region: USA
Case Code: MAA0049
Teaching Note: Not Available
Structured Assignment: Not Available
OR
Abstract:
The takeover battle between Chevron and China National Offshore Oil Corporation (CNOOC) for Unocal, the seventh largest independent oil company in the US, was a highly politicised event in US corporate history. With CNOOC backing out of the deal due to political pressures, Chevron acquired Unocal, thus becoming the fourth biggest oil company in the world. Chevron's management was confident that the acquisition was a perfect fit for the company. Several industry experts also acknowledged the synergies between the two companies. However, some were of the opinion that the acquisition would fail to deliver for Chevron. The case study offers an insight into the takeover battle for Unocal between Chevron and CNOOC and the expected synergies from Chevron's acquisition of Unocal.
Pedagogical Objectives:
- To discuss whether the acquisition would be beneficial to Chevron in the long run and how this acquisition might change the competitive dynamics of the industry.
Keywords : Chevron; Unocal;Mergers,Acquisitions,Alliances Case Study; China National Offshore Oil Corporation (CNOOC); Mergers and acquisitions; Inorganic growth; Takeover battles; Merger synergies; David J O’Reilly; Political environment; Political risks; Legal and regulatory environment; Oil production and exploration; Corporate governance; Peak oil theory
