The American oil group CHEVRONTEXACO (turnover of 155.3 billion dollars in 2004) has acquired UNOCAL (turnover of 8 billion dollars in 2004), one of the largest American petroleum groups which is still independent, for 18 billion dollars. The American number two in the sector will pay 16.4 billion dollars in shares (75%) and cash (25%; 62 dollars per share) and take on debt to the tune of 1.6 billion dollars. UNOCAL has 1.75 billion oil-equivalent barrels in reserves and the operation will...