CNOOC Ltd.’s board has given executives approval to increase its $18.5 billion bid for Unocal and agreed to pay the El Segundo-based oil company’s shareholders up to $2.5 billion if it is unable to close any deal to acquire Unocal, news reports said Thursday.
The changes were approved amid efforts by CNOOC to trump a previous, competing bid by Chevron Corp. The Unocal board is meeting Thursday to recommended shareholders accept the Chevron bid, but says it’s willing to consider other offers.
A spokesman for CNOOC said he couldn’t confirm the reports in the South China Morning Post, the Financial Times and The Wall Street Journal.
