London financial daily the Financial Times reported that CNOOC had not ruled out going head-to-head with US supermajor ChevronTexaco, and the possibility of a counter-bid would be discussed at a board meeting on 23-24 May, ahead of CNOOC's annual shareholders meeting.
But people close to CNOOC, China's largest offshore oil and gas producer, told Reuters the media report was speculation based on weakness in ChevronTexaco's share price since its announcement of the acquisition last month.
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