CNOOC says no plan to raise bid for Unocal
(Agencies/cri)
Updated: 2005-07-20 20:36

"We are pleased to have the continued support of the Unocal board of directors and look forward to closing the transaction in just three weeks," O'Reilly said in a prepared statement.

The CNOOC bid has sparked considerable opposition from lawmakers who have raised national security and other concerns.

CNOOC, had offered $67 per share for Unocal Inc. last month after Unocal had already agreed to be acquired by the San Ramon-based Chevron.

CNOOC's bid, which totaled $18.5 billion, was considerably higher than Chevron's original offer of roughly $60 per share in a combination of cash and stock based on Tuesday's closing price on Chevron stock. That bid was valued at around $16.6 billion.

The difference in the CNOOC and Chevron bids had grown as investors drove the price of Unocal shares above Chevron's offer price.

Shares of Unocal rose 17 cents to $64.99 at the end of regular trading on the New York Stock Exchange on Tuesday. Shares of San Ramon-based Chevron rose 94 cents to $57.30.

After CNOOC made its bid for Unocal, members of Congress demanded a review of the offer by the Committee on Foreign Investment in the United States. The group, led by Treasury Secretary John Snow, was created to monitor foreign investment activity in the United States with an eye on protecting national security.

Chevron Corp., based in San Ramon, Calif., explores for, refines and transports crude oil and gas. Unocal's operations are in exploration and production of crude oil and natural gas, with no refineries or gasoline stations. Together the two companies account for more than 11 percent of U.S. crude oil production.

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