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18

CNOOC's Unocal Bid Withdrawal Raised Its Value

China National Offshore Oil Company Ltd. has withdrawn its acquisition offer for Unocal at a proper time

China National Offshore Oil Company Ltd. has withdrawn its acquisition offer for Unocal at a proper time, because since then its market value has risen by $7 billion, CNOOC Ltd. Chairman and Chief Executive Officer Fu Chengyu said.

The withdrawal is proper not only for the capital market, but also for shareholders of both Unocal and CNOOC, Fu said at a seminar on topic choosing of a world business summit.

The CNOOC announced last week that it had dropped its 18. 5 billion-dollar Unocal bid, putting an end to its 40-day merger for the American company which triggered an unexpected political storm in the United States, and clearing the way for Chevron Corp's takeover plan.

"We can see from the later market performances that CNOOC has chosen a very good opportunity to withdraw," Fu was quoted.