CNOOC seeks advice on Unocal bid
by Brian Turner
Investment bank Rothschild and Charles River, a business consultancy, have been hired by independent directors of the China National Offshore Oil Corporation to look at a management plan to bid over $16 billion for US oil company Unocal.
This move indicates an internal split over the deal and that the independent directors are not positive that the bid is in the best interests of investors in CNOOC.
It is believed that a previous bid for Unocal was blocked by the independent directors last month just before ChevronTexaco made a $16 billion bid for Unocal.
Not only could a bid by CNOOC give the company additional debt, but it could start a political backlash in the United States, which currently sees China as a growing economic rival.
CNOOC, which is listed in Hong Kong but is state-controlled, is believed to be most interested in acquiring Unocal’s assets in Thailand, Bangladesh, and Indonesia in order to put in place sure energy supplies for China’s growing economy.
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