China Not Raising Bid for Unocal Corp.
Posted on: Friday, 29 July 2005, 15:00 CDT
The Chinese state-owned oil company bidding for Unocal Corp. Friday said it would not raise its offer price of $18.5 billion in cash.
Hong Kong-based Cnooc Ltd. has been competing with Chevron Corp., which has offered about $17 billion in stock and cash for Unocal, said Xinhua, a Chinese government media agency.
So far, Cnooc's $67 dollars per share all-cash offer has not been changed and remains in effect, said a Cnooc spokesman. Considering the interests of Cnooc's shareholders, we will not easily change the bid.
Unocal shareholders will vote Aug. 10 on the Chevron bid, which is being endorsed by Unocal's board.
Source: United Press International
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