CNOOC eyes higher Unocal bid - report
(Agencies)
Updated: 2005-07-13 09:35

China's CNOOC Ltd will consider raising its $18.5 billion takeover bid for U.S. oil producer Unocal, the Financial Times reported on Wednesday citing people familiar with the matter.

China National Offshore Oil Corporation's (CNOOC) oil rigs is seen in China's Liaodong Bay of the Bohai sea February 3, 2005. [newsphoto]

The paper said CNOOC's board was expected to approve changes to the bid, including giving management permission to raise the takeover offer above the $67 per share in cash already offered. CNOOC's bid tops a $16 billion offer from Chevron Corp, although it faces numerous regulatory and political hurdles.

Investor and analysts expect that Unocal will press Chevron to lift its offer or risk losing its support for the deal. The Unocal board is due to meet this week to discuss the takeover offers.

CNOOC rolls out ad campaign

With a hearing in the U.S. Congress on Wednesday to discuss the national security implications of a Chinese oil company's bid for Unocal Corp., Hong Kong-based CNOOC Ltd. is rolling out an advertising campaign aimed at abating the fears of Washington insiders.

The print ads, which will appear in publications such as Congressional Quarterly, National Journal and Roll Call, among others, stress what CNOOC believes are "the facts" behind its $18.5 billion cash offer for Unocal, which already has a tentative agreement to be bought for $16 billion-plus by Chevron Corp.

In one ad, snippets from various newspaper articles and editorials are used to back up CNOOC's claims that its proposed takeover of Unocal does not pose threats to America's energy or national security.

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