Unocal will issue $75.9 million in partnership units.
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The Los Angeles oil company, which earlier placed 45% of its domestic oil and gas reserves into a special partnership as an anti-takeover move, said the distribution to shareholders will equal 65.5 cents per common share. This is the first distribution of partnership units by the company since it formed Union Exploration Partners Ltd. in late May as part of its efforts to thwart a takeover bid by Texas oilman T. Boone Pickens Jr.
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