China To Outbid US Oil Giant

China National Offshore Oil Corp (CNOOC) is about to make a counterbid in an attempt to beat ChevronTexaco's $16 billion takeover offer for US oil major Unocal.

Independent advisers hired by CNOOC will meet next week to evaluate the company's proposal for a counterbid and are expected to approve it, the Financial Times reported, citing people close to the situation.

Support from the non-executive directors, who opposed a bid for Unocal in April, would still require CNOOC to gain approval from at least two Chinese government agencies, the newspaper reported.