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CNOOC likely to drop bid for Unocal - sources
(Reuters)
Updated: 2005-08-02 20:15
CNOOC's shares rose to a new record in Hong Kong trading on Tuesday, edging
up 2.8 percent at HK$5.50. Unocal's shares fell 0.7 percent to $64.37 on Monday,
edging closer to Chevron's $63.71 a share bid, after shareholder advisory firm
Institutional Shareholder Services threw its weight behind Chevron's offer.
Unocal shareholders are due to vote on Chevron's offer on Aug. 10.
If CNOOC aborts its plan to take over Unocal, it would add to a string of
failures in China's attempts to buy foreign natural resources from Thailand to
Russia. The failures have been caused by politics and competitive bidding for
increasingly expensive hydrocarbon assets, the Reuters said.
But analysts say it is unlikely to stop the country's ambitious plans to
secure natural resources for its booming economy.
Driven by surging demand from the world's second-largest energy market,
Chinese firms are set to buy more overseas assets, management expertise and
technology, just like Japan Inc. did in the 1980s, they say, according to the
Reuters.
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