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19

CNOOC Leaders Discuss Unocal Bid Issues

CNOOC leaders will also consider raising the offer above its current level

China?s CNOOC board of directors is expected to meet on Wednesday to approve changes to its $18.5bn takeover bid for Unocal.

CNOOC leaders will also consider raising the offer above its current level of $67 a share in cash.

CNOOC is attempting to break up an existing deal, under which Unocal is to be acquired by Chevron, the US oil major, for a mix of cash and stock worth between $60 and $61 per share.