CNOOC bid raises stakes in the takeover of Unocal

CNOOC Ltd. on June 22 bid $67/share for Unocal Corp. in an unsolicited offer worth about $20 billion after payment of a $500 million break-up fee to rival bidder Chevron Corp. and assumption of Unocal debt.The offer topped the value of Chevron’s pending acquisition of Unocal by an estimated $2 billion, which varies with stock prices (OGJ Online, Apr. 4, 2005).In a letter to Unocal Chairman and Chief Executive Officer Charles R. Williamson, CNOOC Chairman and Chief Executive Officer Fu Chengyu stressed that its approach of Unocal was “friendly” and that his company seeks a consensual transaction with Unocal. He added that CNOOC’s proposal was submitted in accordance...

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