Unocal announces Tosco Corporation repurchase of all Tosco common shares held by Unocal
El Segundo, Calif., May 8, 1997 -- Unocal Corporation today announced that Tosco Corporation has repurchased the 14.1 million shares of Tosco common stock issued to Unocal on March 31, 1997.
The shares were issued to Unocal as a portion of the proceeds from the sale of its West Coast refining, marketing and transportation assets to Tosco. The net proceeds from the sale of the shares was $394 million. Unocal earlier had received $1.4 billion in cash from Tosco from the sale.
Tosco had previously agreed to repurchase those shares upon completion of its public offering, which closed May 7.
Updated: May 1997