CNOOC completes CB to buy Woodside stake?

Large and aggressive CB by CNOOC surprises Asian market on Thanksgiving day.

China National Offshore Oil Corporation CNOOC raised $850 million last night Thursday from a debut convertible deal. Timing of the transaction caught the market slightly off guard given the US was shut for Thanksgiving, but it was not altogether surprising given that CNOOC is strongly rumoured to be in negotiations with Shell to purchase its 34% stake in Australia's Woodside Petroleum, currently valued at $2.47 billion.

The $750 million deal, upsized to $850 million, represents the...

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