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CNOOC announces withdrawal of Unocal bid

www.chinanews.cn 2005-08-03 09:10:00

( Source: Xinhuanet)

In an undated file photo provided by the Unocal Corp., the Thailand
Pailin Central Processing natural gas platform is seen off the coast of
Thailand. (AP)

BEIJING, Aug. 2 - China National Offshore Oil CompanyLtd. (CNOOC)
announced on Tuesday that it has withdrawn its acquisition offer for
Unocal, putting an end to its 40-day merger bid for the American company
which has triggered an unexpected political storm in the United States.
CNOOC said in an announcement that it has given active consideration to
further improving the terms of its offer, and would have done so but for
the political environment in the United States.
A CNOOC spokesman in Beijing told Xinhua on Tuesday night that "political
pressure" was one of the major reasons for the company to withdraw the
offer.
"There are two factors affecting the results of negotiations," said Long
Guoqiang, an expert with the Development and Research Centre of the State
Council, China's cabinet.
"The first is the market, which is favourable for CNOOC because of the
higher price it has offered. However, the other factor, or the policy
factor, may become the biggest obstacle for the CNOOC bid," said Long.

          ��CNOOC insists of not raising bid for Unocal (2005-07-21)
          ��Unocal reject CNOOC as Chevron raises offer (2005-07-21)
          ��China's CNOOC eyes higher Unocal bid - FT (2005-07-14)
          ��Unocal may conditionally support CNOOC's takeover bid
(2005-07-07)
          ��CNOOC volunteers for acquisition review (2005-07-04)
          ��CNOOC defends Unocal bid (2005-07-03)
          ��CNOOC hopes US to review Unocal bid soon (2005-07-02)
          ��Unocal to vote on CNOOC takeover bid Aug.10 (2005-06-30)
          ��US gov't urged to stay out of CNOOC bid (2005-06-30)

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