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16

Unocal Supported Chevron, Not CNOOC

US oil major ChevronTexaco, fighting for US oil firm Unocal

US oil major ChevronTexaco, fighting for US oil firm Unocal, has increased its offer and won the support of Unocal's board.

Chevron has now offered a $63 per share bid in stocks and cash, up from an earlier bid of $60.

That values Unocal at $17.1bn, less than the $18.5bn all-cash bid put forward by Chinese oil company CNOOC.

The Chinese firm CNOOC repeated its efforts to reassure politicians that its takeover would not jeopardize jobs or prove to be a security risk, and has given assurances that it would sell some assets and leave others in US hands.