Chevron Acquired Unocal

US oil corporation ChevronTexaco yesterday announced it had taken over its rival Unocal for $18.2 billion.

Other bidders for Unocal were China National Offshore Oil Group and Italian oil corporation Eni. Unocal is the ninth largest oil and gas producer in the US and will add 15% of reserves to Chevron Texaco.

Analysts said Unocal's exposure to the oil thirsty Asian markets would make it a "good fit" with ChevronTexaco.