Source Pravda.Ru

Chinese CNOOC requests U.S. review of Unocal bid

State-owned Chinese oil company CNOOC Ltd. said Friday it filed notice with a high-level U.S. committee requesting a review of its proposed $18.5 billion (Ђ15.3 billion) cash offer for Unocal Corp., which is mulling a competing $16.6 billion (Ђ13.7 billion) offer from Chevron Corp., says the AP.

CNOOC filed notice with the Committee on Foreign Investment in the United States. Under the committee's regulations, Unocal will have seven days to respond to its questions about the proposed merger, the company said.

CNOOC said it was "confident" it would obtain clearance from the committee once the review is underway, and looked forward to explaining the deal in more detail.

"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 misimpressions will be corrected, and many doubts and questions will be favorably resolved," the company said.

CNOOC launched an unsolicited offer to acquire Unocal in late June, topping an earlier cash and stock offer from Chevron. However, CNOOC's proposal has faced intense scrutiny from lawmakers over national security and other concerns.

On Thursday, the House said a state-owned Chinese company taking over an American oil firm could threaten national security and asked the president for an immediate and thorough review if CNOOC purchases Unocal.

Speaking to Pravda.ru, a well-informed source said that the Chinese could pay dearly for the deal: Unocal could be a Trojan horse for the impregnable Celestial Empire.

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