abce certificate
Tuesday, 02 December, 2008, 21:20 GMT | more >>

CNOOC may make Unocal offer soon



By Upstream staff 

China National Offshore Oil Corporation (CNOOC) is set to make a counter-offer to Chevron's $16 billion bid for US independent Unocal, reported local media.

The South China Morning Post said that CNOOC's will meet in the next two weeks to make a final decision and is expected to approve a bid that might offer a premium of up to 10% on Chevron's cash and shares offer.

CNOOC is reported to have secured financing from mainland and foreign banks and was in talks with several international investment firms for the possibility of them taking a strategic stake in the venture aimed at taking over Unocal.

If CNOOC does make a counter-offer for Unocal, it will also have to pay a $500 million deal break-up fee to Chevron.


Friday, 17 June, 2005, 02:23 GMT  | last updated: Friday, 17 June, 2005, 02:23 GMT

e-mail this article to a colleague


to email:  from:
comments: