CNOOC submits Unocal Bid Details to Federal Regulators
{{date|July 2, 2005}}

The China National Offshore Oil Company,(CNOOC), has submitted to U.S. Government regulators the details of its proposed US$18.5 billion purchase of California-based Unocal.  The bid comes against a US$16.5 billion offer of cash and stock from Chevron Corporation.  CNOOC, which is 70% owned by the Chinese Government, has placed a request for review with the Committee on Foreign Investment in the United States, or CFIUS.  Both Chevron and CNOOC have been readying their lobbyists to try and get favorable consideration for their side in Washington.  If there is determined to be no threat to national security as a result of the merger, the review of CNOOC's offer could be completed in as little as 30 days.  While typically such reviews are not undertaken until after a takeover bid is formally accepted by the target companty, there is precedent for such review to be done before that happens.

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==Sources==
*[http://news.xinhuanet.com/english/2005-07/02/content_3165731.htm CNOOC hopes US review merging proposal with Unocal soon]
*[http://www.taipeitimes.com/News/front/archives/2005/07/02/2003261857 US House opposes China's CNOOC bid]
*[http://economictimes.indiatimes.com/articleshow/1157982.cms US House votes to block CNOOC’s bid for  Unocal]
*[http://news.ft.com/cms/s/08ca17d8-ea72-11d9-aa7a-00000e2511c8.html Chevron casts doubt on CNOOC expertise]
*[http://www.boston.com/news/world/asia/articles/2005/06/30/cnooc_eyes_help_from_firms_with_bush_ties CNOOC eyes help from firms with Bush ties]

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[[Category:China]]
[[Category:United States]]
[[Category:Economy and business]]
[[Category:Energy]]
The China National Offshore Oil Company,(CNOOC), has submitted to U.S. Government regulators the details of its proposed US$18.5 billion purchase of California-based Unocal.  The bid comes against a US$16.5 billion offer of cash and stock from Chevron Corporation.  CNOOC, which is 70% owned by the Chinese Government, has placed a request for review with the Committee on Foreign Investment in the United States, or CFIUS.  Both Chevron and CNOOC have been readying their lobbyists to try and get favorable consideration for their side in Washington.  If there is determined to be no threat to national security as a result of the merger, the review of CNOOC's offer could be completed in as little as 30 days.  While typically such reviews are not undertaken until after a takeover bid is formally accepted by the target companty, there is precedent for such review to be done before that happens.
China United States Economy and business Energy