Wednesday, June 08, 2005

Unocal in International Bidding Was

Don't print the ChevronTexacoUnocal just yet. The oil giant has some competition to its bid for horizontal marketplace expansion:

A Chinese oil company said Tuesday that it might try to top Chevron Corp.'s $16-billion proposed acquisition of Unocal Corp., raising the possibility of a bidding war for the El Segundo-based oil company.

The disclosure by CNOOC Ltd., a division of state-owned China National Offshore Oil Corp., marked the first time that the Chinese entity had confirmed its interest in the exploration and production company.

CNOOC reportedly had been among the companies that had mulled over a bid for Unocal this spring, before Unocal and San Ramon, Calif.-based Chevron reached their deal April 4. Chevron agreed to pay $62 a share in cash and stock for Unocal.

In a filing with the Securities and Exchange Commission, CNOOC said it was "continuing to examine its options with respect to Unocal," which might "include a possible offer."