CNOOC Ltd. will press ahead with its takeover bid for Unocal Corp. despite a planned shareholder vote on a competing offer by Chevron Corp. and Unocal’s recommendation that it should be accepted, the Chinese company’s chairman said Thursday.
In an interview with The Associated Press, Fu Chengyu expressed confidence that CNOOC will persuade Washington the $18.5 billion offer for the ninth-largest U.S. oil company doesn’t pose any risks to American national security.
Unocal sent its shareholders proxy materials Wednesday with a letter from Chairman and CEO Charles R. Williamson reiterating its board’s recommendation to accept the $16.6 billion offer by Chevron.
