Business Case Studies, Strategy Case Study, Mergers, Acquisitions, Alliances and Synergies

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Mergers, Acquisitions, Alliances and Synergies Case Study

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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


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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‚ÄôReilly; Political environment; Political risks; Legal and regulatory environment; Oil production and exploration; Corporate governance; Peak oil theory

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Currency Exchange Rates

Case Study :
   INR 200 = USD ($)

Structured Assignment:
   INR 150 = USD ($)

Teaching Note :
   INR 400 = USD ($)
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