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.
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CNOOC Leaders Discuss Unocal Bid Issues
CNOOC leaders will also consider raising the offer above its current level