CNOOC to try again

China National Offshore Oil Company (CNOOC) has announced that it will resuscitate its failed IPO plans and go to market in the first quarter of next year. The company will structure its IPO similarly to its previous attempt with new shares equal to 25% of the enlarged share capital being offered to the public. This time, however, the Chinese government will seek to sell some of its shares in the company alongside the new share issue. It is unclear at this stage how large the government's portion of the sale will be.