Chinese Mandarin - Unocal reject CNOOC as Chevron raises offer

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Unocal reject CNOOC as Chevron raises offer

www.chinanews.cn 2005-07-21 09:14:36

(Agencies)

This file photo obtained from the US Department of Energy's National
Renewable Energy Laboratory shows a Unucal oil truck at an oil storage
facility. US oil firm Unocal accepted an improved 17.1-billion-dollar
takeover bid from Chevron.(AFP)

July 21 - Unocal's board of directors has endorsed a sweetened, 17
billion USD takeover bid from Chevron, rejecting a higher offer from a
Chinese oil firm, CNOOC.
The decision by Unocal's board late Tuesday could signal an end to the
CNOOC's bid for the Unocal Corp.
CNOOC Ltd., an affiliate of China National Offshore Oil Corp., has an
18.5 billion USD offer on the table for the El Segundo-based company.
In a joint statement with Chevron, Unocal's board urged stockholders late
Tuesday to accept the amended bid at a shareholders' meeting scheduled
for Aug. 10.
But a spokesman for China's third-largest oil company vowed early
Wednesday that CNOOC was not ready to drop out of the bidding war.

          ��China's CNOOC eyes higher Unocal bid - FT (2005-07-14)
          ��Unocal may conditionally support CNOOC's takeover bid
(2005-07-07)
          ��CNOOC volunteers for acquisition review (2005-07-04)
          ��CNOOC defends Unocal bid (2005-07-03)
          ��CNOOC hopes US to review Unocal bid soon (2005-07-02)
          ��CNOOC's bid may ease yuan's pressure (2005-07-01)
          ��Unocal to vote on CNOOC takeover bid Aug.10 (2005-06-30)
          ��US gov't urged to stay out of CNOOC bid (2005-06-30)
          ��FM: CNOOC's Unocal bid is pure business (2005-06-29)

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