CNOOC eyes bid for Unocal

From Financial Times.com: “CNOOC, China’s third biggest oil and gas group, is considering a bid of more than $13bn (¬£6.9bn) for its US rival Unocal, in a deal that would mark the largest and most significant overseas acquisition by a Chinese company.

People close to the situation said the state-controlled group was interested in Unocal’s Asian assets and had asked bankers to study a takeover of the whole company followed by a subsequent sale of the US assets.

The insiders warned that the negotiations were at an early stage and detailed talks had yet to take place. It is understood that the Chinese group is also looking at other overseas targets.”

January 7, 2005 8:41 AM
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