Chinese Company Ends Unocal Bid, Citing Political Hurdles – David Barboza

From the New York Times:

The giant Chinese oil company today ended its $18.5 billion takeover bid for the Unocal Corporation of America, citing fierce political opposition to its bid in Washington that it called “regrettable and unjustified.”

The decision, which was announced this morning in New York, ends a fierce takeover fight between Cnooc and the Chevron Corporation, which have both been vying to acquire Unocal’s valuable oil and natural gas assets, much of which are based in the United States and Asia.

See also “Unocal blow will not halt China’s hunt for energy” from Reuters.

August 2, 2005, 11:49 AM
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