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CNOOC says no plan to raise bid for Unocal
(Agencies/cri)
Updated: 2005-07-20 20:36
"We are pleased to have the continued support of the Unocal board of
directors and look forward to closing the transaction in just three weeks,"
O'Reilly said in a prepared statement.
The CNOOC bid has sparked considerable opposition from lawmakers who have
raised national security and other concerns.
CNOOC, had offered $67 per share for Unocal Inc. last month after Unocal had
already agreed to be acquired by the San Ramon-based Chevron.
CNOOC's bid, which totaled $18.5 billion, was considerably higher than
Chevron's original offer of roughly $60 per share in a combination of cash and
stock based on Tuesday's closing price on Chevron stock. That bid was valued at
around $16.6 billion.
The difference in the CNOOC and Chevron bids had grown as investors drove the
price of Unocal shares above Chevron's offer price.
Shares of Unocal rose 17 cents to $64.99 at the end of regular trading on the
New York Stock Exchange on Tuesday. Shares of San Ramon-based Chevron rose 94
cents to $57.30.
After CNOOC made its bid for Unocal, members of Congress demanded a review of
the offer by the Committee on Foreign Investment in the United States. The
group, led by Treasury Secretary John Snow, was created to monitor foreign
investment activity in the United States with an eye on protecting national
security.
Chevron Corp., based in San Ramon, Calif., explores for, refines and
transports crude oil and gas. Unocal's operations are in exploration and
production of crude oil and natural gas, with no refineries or gasoline
stations. Together the two companies account for more than 11 percent of U.S.
crude oil production.
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