News Roundup: CNOOC, Unocal, Chevron

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CNOOC’s bid for Unocal was still making news today. The Wall Street Journal said that the U.S. Committee on Foreign Investment declined to begin a review of CNOOC Ltd.’s proposed $18.5 billion acquisition of Unocal Corp. and won’t open an investigation until the two sides have a solid deal in hand (




CNOOC Bid Review Is Dealt Setback

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). The Financial Times said that CNOOC is considering raising its bid, reflecting the Chinese firm’s determination to woo Unocal shareholders away from a competing bid by Chevron Corp. (




CNOOC May Raise Its Unocal Bid


). MarketWatch said that Chevron Corp. needs to boost its offer for Unocal if it wants to beat out its Chinese rival (




New Bid From Chevron Seen as Critical


). And the Gulf Times reported that some U.S. senators asked Commerce Secretary Carlos Gutierrez to review whether cheap loans CNOOC has arranged to fund its bid amount to a breach by China of its WTO commitments (




CNOOC’s ‘Offer May Break’ WTO Pledges


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