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China's CNOOC eyes higher Unocal bid - FT
(Agencies)
Updated: 2005-07-14 06:45
China's CNOOC Ltd will consider raising its $18.5 billion takeover bid for
U.S. oil producer Unocal, the Financial Times reported on Wednesday citing
people familiar with the matter.
A Unocal oil truck is seen here at an oil
storage facility in this US government photo.
[AFP] | The paper said CNOOC's board was expected to approve changes to the bid,
including giving management permission to raise the takeover offer above the $67
per share in cash already offered. CNOOC's bid tops a $16 billion offer from
Chevron Corp, although it faces numerous regulatory and political hurdles.
Investor and analysts expect that Unocal will press Chevron to lift its offer
or risk losing its support for the deal. The Unocal board is due to meet this
week to discuss the takeover offers.
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