US lawmakers could nix CNOOC takeover bid (Agencies) Updated: 2005-07-27 10:33 US lawmakers agreed on the
text of a legal measure that would delay China National Offshore Oil Corp.
(CNOOC) takeover of US oil firm Unocal Corp. by 120 days, a step that
could jeopardize the bid, AFP quoted US officials as saying.
China National
Offshore Oil Corporation's (CNOOC) oil rigs is seen in China's Liaodong
Bay of the Bohai sea February 3, 2005.
[newsphoto] | Members of the House of
Representatives and Senate hammered out a compromise amendment that would
postpone the start of a formal US government review of the bid by China National
Offshore Oil Corp. (CNOOC).
The amendment tabled by Republican Congressman Richard Pombo now goes into a
long-awaited US energy bill, which has be voted upon by Friday if it is to pass
before Congress breaks for its summer recess.
It would require the departments of defense and energy, along with other
federal agencies, to take 120 days "to conduct a study on the implications of
growing Chinese energy consumption before any Chinese takeover of US energy
assets can continue", House energy committee spokeswoman Jennifer Zuccarelli
said.
Unocal shareholders are set on August 10 to vote on a rival takeover offer
from US oil major Chevron Corp. which has the Unocal board's backing.
Should the Congress amendment go through, that would be likely to weigh
heavily on the shareholders' minds as they decide whether to countenance a bid
from China that has run into such fierce political opposition.
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