Congress aims to block Chinese oil takeover bid

[JURIST] US lawmakers trying to block a Chinese takeover bid for US oil firm Unocal [corporate website] prior to an crucial shareholders' vote next month have added an amendment to an energy bill that would push back by more than four months the start of a US government review of the bid by China National Offshore Oil Corp. (CNOOC) [company website]. CNOOC, whose largest shareholder is the communist government of China, created a stir earlier this month by bidding $18.5 billion in cash [JURIST report] to take control of Unocal, far outbidding competitor Chevron [corporate website]. Chevron then came back last week with a new offer in cash and stock of 17.1 billion dollars and the board of the Unocal advised shareholders to accept the Chevron deal. AFP has more.

 

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