Uncle Sam's CNOOC dilemma

Chinese oil company makes trump bid for Unocal. But will the US block it as it did with Hutch bid for Global Crossing?

If at first you don't succeed, bid again. That seems to be the motto of CNOOC, the Chinese oil major that has just launched a fresh bid for Unocal of the US. Indeed, it did so yesterday after weeks of speculation much of which centred on divisions within CNOOC's board of directors as to whether the bid made sense.

After commissioning an independent assessment from NM Rothschild, the CNOOC board voted to up...

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