CNOOC Board to Approve Unocal Bid in 2 Weeks
Posted: 20 June 2005
HONG KONG - The board of directors of CNOOC Ltd. (CEO) is expected to approve a bid to acquire Unocal Corp. (UCL) of the U.S. within the next two weeks, reports the South China Morning Post, quoting unnamed sources.
The Chinese oil company said earlier this month that it "is continuing to examine its options with respect to Unocal" and could decide to make an offer for the company, which Chevron Corp. (CVX), the second-largest U.S. integrated oil producer, has already offered to buy for US$16.4 billion.
The report says that while a final decision hasn't been made, CNOOC could offer Unocal shareholders a premium of up to 10% over Chevron's bid. CNOOC has already secured financing from banks for the bid, and is also inviting international investment firms to participate in the takeover, the report says.
The report says CNOOC officials declined to comment.
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