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 Support The DrudgeReport; Visit Our Advertisers  UNOCAL Closer To Decision On Chinese Bid Mon Jul 18 2005 09:51:49 ET Chevron Corp. and China's Cnooc Ltd. were on tenterhooks Sunday night, as the board of Unocal Corp. was slated to deliberate takeover offers from the two energy rivals, the WALL STREET JOURNAL reports. A decision from the El Segundo, Calif., firm could come in the next few days, according to people familiar with the matter. Of likely concern to the Unocal board: Would Cnooc raise its $67 per-share bid to help unseat Chevron's existing takeover plan, which is just weeks away from closing? And, if so, how would Unocal and Cnooc confront the fierce political opposition that has broken out in Washington, where Congress wants to stymie Chinese ambitions for the U.S. oil and gas company? The contest for Unocal, potentially the largest energy deal in years, has rankled Washington because Cnooc is 70%-owned by the Chinese government and the offer is partly financed by state banks. If the Unocal board doesn't change its recommendation to favor the Chevron deal, Cnooc would have little choice but to raise its bid or else likely lose the proxy vote scheduled for Aug. 10. Developing... |
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