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CNOOC likely to drop bid for Unocal - sources
(Reuters)
Updated: 2005-08-02 20:15

CNOOC's shares rose to a new record in Hong Kong trading on Tuesday, edging up 2.8 percent at HK$5.50. Unocal's shares fell 0.7 percent to $64.37 on Monday, edging closer to Chevron's $63.71 a share bid, after shareholder advisory firm Institutional Shareholder Services threw its weight behind Chevron's offer.

Unocal shareholders are due to vote on Chevron's offer on Aug. 10.

If CNOOC aborts its plan to take over Unocal, it would add to a string of failures in 皇冠体育app's attempts to buy foreign natural resources from Thailand to Russia. The failures have been caused by politics and competitive bidding for increasingly expensive hydrocarbon assets, the Reuters said.

But analysts say it is unlikely to stop the country's ambitious plans to secure natural resources for its booming economy.

Driven by surging demand from the world's second-largest energy market, Chinese firms are set to buy more overseas assets, management expertise and technology, just like Japan Inc. did in the 1980s, they say, according to the Reuters.


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