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30

US Review To CNOOC Bid To Unocal Mere Formality

China's oil major CNOOC Ltd. said on Saturday the US government's request to review the takeover bid of China Offshore...

China's oil major CNOOC Ltd. said on Saturday the US government?s request to review the takeover bid of China Offshore to the US oil firm Unocal Corp. was voluntary and aimed at clearing up doubts about the deal.

CNOOC has asked the Committee on Foreign Investments in the United States to review its $18.5 billion bid, which exceeded a $16 billion-plus cash and stock bid from US oil giant Chevron Corp.

CNOOC's bid for Unocal has become a complicating factor in the diplomatic jostling between China and the United States over currency and trade issues.