Bronco_Beerslug
07-25-2005, 12:50 PM
Well, Unocal will be the winner for sure when this is all over. Both companies upping their offers for them. Looks like the politicians that are the loudest about CNOOC have an incentive to be so.
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Unocal almost accepted CNOOC offer-filing
NEW YORK (Reuters) - The board of directors of Unocal Corp., the U.S. oil and gas producer, was prepared to accept a takeover offer from China's CNOOC Ltd. until original suitor Chevron Corp. was persuaded to raise its bid, according to documents filed with regulators on Monday.
Unocal's board told Chief Executive Chuck Williamson on July 17 to inform Chevron it was inclined to shift its support to CNOOC unless Chevron sweetened its terms, according to a detailed timeline included in a proxy statement filed with the U.S.
Securities and Exchange Commission.
That notice came after CNOOC Chairman Fu Chengyu declined a request by Williamson to raise his company's $67-a-share cash offer, and even though Williamson told Fu that a raised bid "could likely result in a conclusion of the process," according to the timeline.
Unocal's board backed a sweetened $63 per share offer from Chevron, the second-largest U.S. oil company, on July 20, despite an earlier CNOOC bid at $67 per share.
Even with the increase, Chevron's bid continues to be at a discount to Unocal shares, which closed at $65 on Friday.
(<a href="http://tinyurl.com/cjp37">CONTINUED</a>)
CNOOC Critics Took Money From Chevron
HOUSTON - Three leaders in the congressional campaign to discourage Chinese oil company CNOOC Ltd.'s acquisition of Unocal Corp. accepted campaign contributions from rival suitor Chevron Corp. in recent weeks, according to reports filed with the Federal Election Commission.
(<a href="http://tinyurl.com/8rq8t">CONTINUED</a>)
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Unocal almost accepted CNOOC offer-filing
NEW YORK (Reuters) - The board of directors of Unocal Corp., the U.S. oil and gas producer, was prepared to accept a takeover offer from China's CNOOC Ltd. until original suitor Chevron Corp. was persuaded to raise its bid, according to documents filed with regulators on Monday.
Unocal's board told Chief Executive Chuck Williamson on July 17 to inform Chevron it was inclined to shift its support to CNOOC unless Chevron sweetened its terms, according to a detailed timeline included in a proxy statement filed with the U.S.
Securities and Exchange Commission.
That notice came after CNOOC Chairman Fu Chengyu declined a request by Williamson to raise his company's $67-a-share cash offer, and even though Williamson told Fu that a raised bid "could likely result in a conclusion of the process," according to the timeline.
Unocal's board backed a sweetened $63 per share offer from Chevron, the second-largest U.S. oil company, on July 20, despite an earlier CNOOC bid at $67 per share.
Even with the increase, Chevron's bid continues to be at a discount to Unocal shares, which closed at $65 on Friday.
(<a href="http://tinyurl.com/cjp37">CONTINUED</a>)
CNOOC Critics Took Money From Chevron
HOUSTON - Three leaders in the congressional campaign to discourage Chinese oil company CNOOC Ltd.'s acquisition of Unocal Corp. accepted campaign contributions from rival suitor Chevron Corp. in recent weeks, according to reports filed with the Federal Election Commission.
(<a href="http://tinyurl.com/8rq8t">CONTINUED</a>)