CNOOC, China's state-controlled international oil company, launched the first contested bid by a Chinese company when it announced an all-cash offer for Unocal, a US oil and gas company with assets in Asia. CNOOC's offer values Unocal equity at $18.5 billion and outbids the recommended $17 billion shares-and-cash deal from US oil major Chevron. The Chinese company's move is expected by the market to lead to a protracted bidding war.
July 01, 2005
