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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: MrLucky who wrote (121448)	6/22/2005 11:25:28 AM
From: Snowshoe	Respond to of 793731

I think Chevron gets Unocal, and maybe sells some of the Asian assets to Cnooc.

To: MrLucky who wrote (121448)	6/22/2005 7:37:57 PM
From: Snowshoe	Read Replies (2) \| Respond to of 793731

CNOOC launches its bid for Unocal: $18.5 billion offer tops Chevron-Unocal merger agreement marketwatch.com By Jim Jelter, MarketWatch Last Update: 7:19 PM ET June 22, 2005 SAN FRANCISCO (MarketWatch) -- CNOOC, China's biggest offshore oil company, launched a formal bid late Wednesday for Unocal Corp., offering $18.5 billion for the California oil and gas producer. The move pits China National Offshore Oil Company Ltd. (CEO: news, chart, profile) against U.S. giant Chevron Corp., (CVX: news, chart, profile) , which agreed April 4 to buy Unocal in a deal Chevron had hoped to seal within the next several weeks. CNOOC, in a statement issued after the market close, said it was willing to pay $67 a share for Unocal. Using Unocal's $64.85 June 21 closing price, the offer tops Chevron's agreement by about $1.5 billion, CNOOC said. The company, in a letter to Unocal, emphasized its offer was friendly. "This proposal is being submitted in accordance with the sale process initiated by Unocal," CNOOC said. Chevron fired back minutes later that it stands by its original agreement, pointing out that the deal has already been approved by both companies' boards and cleared several key regulatory hurdles. Unocal, in a separate statement, pledged to evaluate CNOOC's offer, but added: "In connection with entering into the Chevron merger agreement, the Unocal board of directors recommended the transaction to Unocal stockholders. That recommendation remains in effect." CNOOC has been considering a bid for the El Segundo, Calif. company for months, attracted by its vast Asian oil and gas holdings and China's fast-growing need to secure energy supplies for its booming economy. Unocal shares ended Wednesday's session at $64.86, up a penny, after briefly touching a 52-week high of $66.50. Chevron ended the session down 51 cents at $58.27. Jim Jelter is Industrials Editor for MarketWatch in San Francisco.