CNOOC withdraws bid for Unocal, citing politics

08/08/2005
CNOOC has withdrawn its offer for Unocal Corp., citing politics as the reason for ending a bidding contest between itself and Chevron Corp. Unocal shareholders are to vote on Chevron’s offer Aug. 10.The Chinese state oil company’s offer prompted opposition from some members of Congress. An amendment to the energy bill passed at the end of July extended the review period by the Committee on Foreign Investments in the US (CFIUS).Chevron recently raised its offer about 5% to $17 billion, excluding the assumption of Unocal debt. Chevron’s higher offer was still lower than CNOOC’s $67/share offer, or $18.5 billion total, for Unocal (OGJ, June 27, 2005, p. 25).Chevron ag...
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected