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 its bid even in spite of the fact that the Chevron offer for Unocal had reached such an advanced stage CNOOC would be forced to pay a $500 million indemnity to Chevron if it succeeded...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222