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CNOOC volunteers for acquisition review
By Wang Ying (China Daily)
Updated: 2005-07-04 05:35
China's third-largest oil and gas producer CNOOC Ltd has voluntarily
requested the Committee on Foreign Investment in the United States (CFIUS) to
review its acquisition plan for Unocal Corp, in a bid to clear up doubts about
the deal.
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| China National Offshore Oil Corporation's (CNOOC) oil rigs is seen
in China's Liaodong Bay of the Bohai sea February 3, 2005.
[newsphoto] | Beijing-based CNOOC Ltd said on
Saturday that it had filed a notice with CFIUS for the committee to review its
US$18.5 billion all-cash offer to buy the US oil conglomerate Unocal Corp,
wrangling with a US$16 billion cash-plush-stock proposal from the
California-based Chevron Corp.
"It's a voluntary notice from CNOOC Ltd. We hope the review will enter formal
proceedings as soon as possible as we are sure that the transaction is purely
commercial," said a CNOOC spokesman.
"We welcome this opportunity and believe that once all the facts are known
and the commercial purpose and terms of the transaction are fully understood,
many initial wrong impressions will be corrected, and many doubts and questions
will be favourably resolved," said CNOOC Chief Financial Officer Yang Hua on
Saturday.
CNOOC's all-cash bid, although more attractive financially than Chevron's
offer, has triggered rising concern among US Government officials it could be
subsidized by the Chinese Government and thus threaten America's national
security.
"This filing gives CNOOC the opportunity to comply with all US rules and
regulations in an open and transparent manner, and to discuss our proposal
fully... We are co-operating fully and look forward to a formal review conducted
in an expeditious manner," said Yang.
"CNOOC's proposed transaction has generated a significant amount of interest,
and we look forward to beginning the CFIUS review to respond to that interest
and provide timing certainty to Unocal stockholders for our superior offer,"
said Yang.
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