Acknowledging concerns about China’s global economic ambitions, the CEO of China National Offshore Oil Corp. (CNOOC) said Friday that the company was “fully prepared” to participate in a U.S. government security review of the unsolicited offer to buy Unocal Corp. for $18.5 billion cash. CEO Fu Chengyu also said CNOOC would discuss selling some Unocal pipeline and storage assets, and consider putting some assets not involved in exploration and production “under American management.”
Ambitions
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CNOOC CEO Calls Unocal Offer ‘Friendly,’ but Analysts Expect Chevron to Prevail
Acknowledging concerns about China’s global economic ambitions, the CEO of China National Offshore Oil Corp. (CNOOC) said the unsolicited $18.5 billion cash offer for Unocal Corp. is “friendly,” and said he hopes it will lead to a “consensual transaction.” Meanwhile, financial analysts appear to believe that Chevron Corp., which already has an offer on the table for Unocal, will prevail.
June 24, 2005
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