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Investors relieved after CNOOC drops bid
By Wang Ying (China Daily)
Updated: 2005-08-04 06:04

Hong Kong shares of China National Offshore Oil Corp Limited (CNOOC) yesterday rose as much as 5.5 per cent to a record high on investor relief that the Chinese oil firm had scrapped its bid to buy the US oil and gas producer Unocal.

China National Offshore Oil Corporation's (CNOOC) oil rig in China's Bohai Sea is seen in this October 24, 2003 file photo. [newsphoto]

CNOOC shares yesterday surged as much as 30 HK cents (3.8 US cents) to HK$5.80 (74 US cents) at its peak. They closed at HK$5.55 (71 US cents), a gain of 5 HK cents (0.64 US cents), or 0.9 per cent. Hong Kong's benchmark Hang Seng index fell 0.1 per cent yesterday.

At yesterday's close, CNOOC stock had risen 32 per cent since the start of the year, lagging behind a 77 per cent gain in PetroChina, the country's biggest oil producer.

Industry analysts close to the CNOOC said the share rise was largely due to CNOOC's withdrawal from bidding rivalry with US oil producer Chevron for Unocal. The withdrawal has put an end to investor concerns that the Hong Kong-listed oil giant might overpay to outbid Chevron.

The country's third largest oil and gas producer, CNOOC Ltd dropped its US$18.5 billion all-cash bid for Unocal amid mounting political opposition from some US lawmakers on Tuesday. That left Chevron as the sole bidder for the ninth largest oil and gas producer in the United States.

"The investors are happy about CNOOC's decision, because they thought the all-cash offer might be too costly. Scrapping the bid will surely clear up the uncertainty in the Chinese oil company's finances and operations relating to the proposed acquisition," said Laurence Lau, a senior analyst with the Bank of China (BOC) Hong Kong Limited.

Lau said that in the long-term the CNOOC's decision to pull out of the race will mean the firm can focus more closely on its core business, and will boost investor confidence in the offshore oil producer.

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