Home>News Center>China

Unocal 'almost backed China bid'
Updated: 2005-07-26 07:10

US energy giant Unocal, which recently backed a takeover offer from Chevron, says it was ready to consider a rival merger with China at the right price.

A Unocal oil truck is seen here at an oil storage facility in this US government photo. [AFP]
Had China's state-owned CNOOC raised its $67 a share bid by enough they would have had a deal, said Unocal.

The two firms "substantially completed" a draft merger document in mid-July.

But in the absence of a new offer, Unocal recommended shareholders to back a $63 a share offer from Chevron. The bidding process has been controversial.

Unocal's chief executive Charles Williamson said he urged CNOOC chief Fu Chengyu to make his best offer.

Political concerns

But CNOOC refused to put forward a new offer, unless Unocal paid the costs of ending the Chevron deal and lobbied for the deal in Congress.
Page: 12

China scraps yuan peg to US dollar
Taiyuan explosion kills one, injures 33
Typhoon Haitang floods coastal areas
  Today's Top News     Top China News

Women astronauts set to fly by 2010



US, DPRK meet ahead of 6-Party Talks



Stronger RMB won't affect investment much



Pig bacteria blamed for 19 mysterious deaths



Unocal 'almost backed China bid'



US-China may not reach textile deal


  Compulsory pre-marital health check-up in NE China creates controversy
  Wal-Mart to double China outlets to 90
  Chinese Premier calls on taxation officials to resist corruption
  China, DPRK, US wish substantive results for 4th round of six-party talks
  Last body found in coal mine blast in Xinjiang
  Five detained in mine blast that killed 83
  Go to Another Section  
  Story Tools  
  Related Stories  
CNOOC says no plan to raise bid for Unocal
Critics see security threat in Unocal bid
CNOOC eyes higher Unocal bid
China's CNOOC eyes higher Unocal bid - FT
CNOOC eyes higher Unocal bid - report
CNOOC's bid for Unocal tests US' China ties
Unocal bid tests US' China ties
  News Talk  
  It is time to prepare for Beijing - 2008