CNOOC completed

CNOOC closes a chapter on the Chinese privatization program with the completion of its $1.26 billion IPO.
Bookrunners Bank of China International, Credit Suisse First Boston and Merrill Lynch have been praised for successfully managing to walk a tightrope between an investment community scarred by the trading performance of recent jumbo Chinese offerings and a company, whose standalone credentials place it among the finest in its sector.

Analysts all agree that CNOOC's long-term fundamentals make its HK$6.01 $0.77 IPO price a strong buy. On an EVEBITDA basis, the main ratio used to determine fair value, the exploration and production company EP is felt to have come at a much smaller premium than its supporters argue it deserves. Priced at 3.5 times 2001...

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