CNOOC completes CB to buy Woodside stake?

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.