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Saturday, July 2, 2005
The China National Offshore Oil Company,(CNOOC), has submitted to U.S. Government regulators the details of its proposed US$18.5 billion purchase of California-based Unocal. The bid comes against a US$16.5 billion offer of cash and stock from Chevron Corporation. CNOOC, which is 70% owned by the Chinese Government, has placed a request for review with the Committee on Foreign Investment in the United States, or CFIUS. Both Chevron and CNOOC have been readying their lobbyists to try and get favorable consideration for their side in Washington. If there is determined to be no threat to national security as a result of the merger, the review of CNOOC's offer could be completed in as little as 30 days. While typically such reviews are not undertaken until after a takeover bid is formally accepted by the target companty, there is precedent for such review to be done before that happens.
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Note that some listed sources or external links may no longer be available online due to age.
The text of this article has been released into the public domain. In the event that this is not legally possible, this article may be used for any purpose, without any condition, unless such conditions are required by law. This applies worldwide. Copyright terms on images, however, may vary, so please check individual image pages prior to duplication.
