Oil exploration firm Unocal said its shareholders would meet August 10 to decide on takeover offers from US rival Chevron and China National Offshore Oil Company (CNOOC).

California-based Unocal said it would meet with the Chinese firm before the meeting and update its shareholders on its recommendation.

In the meantime, Unocal said that its recommendation in April for the merger with Chevron "remains in effect."

Chevron said in a separate statement that its registration statement for the acquisition of Unocal has been cleared by the Securities and Exchange Commission, clearing a final regulatory hurdle.

"The successful completion of US regulatory requirements demonstrates that our transaction can be brought to a quick and successful conclusion," said David O'Reilly, chairman and chief executive officer of Chevron.

"The Chevron-Unocal agreement presents a compelling, long-term investment opportunity for stockholders. Chevron has a proven track record of creating stockholder value from past mergers and acquisitions."

Source: agencies