Good News......
CNOOC Withdraws $18.5-Billion Bid for Unocal
Chinese energy company CNOOC Ltd. today pulled out of the running for Unocal Corp. after its $18.5-billion bid for the California oil company triggered a U.S. political backlash against China.
CNOOC, whose bid was significantly higher than a rival proposal by Chevron Corp., said it would have sweetened its offer if it were not for "unprecedented political opposition."
Chinese energy company CNOOC Ltd. today pulled out of the running for Unocal Corp. after its $18.5-billion bid for the California oil company triggered a U.S. political backlash against China.
CNOOC, whose bid was significantly higher than a rival proposal by Chevron Corp., said it would have sweetened its offer if it were not for "unprecedented political opposition."
posted by HeavyHanded at
9:30 PM
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