CNOOC asks for US review of its Unocal bid

China's CNOOC Ltd on Friday said it has filed a notice with the Committee on Foreign Investments in the United States requesting a review of its proposed merger with Unocal Corp CNOOC has offered $18.5 billion cash to acquire Unocal, topping a $16 billion-plus cash and stock offer from Chevron Corp, which Unocal has accepted. CNOOC, whose largest shareholder is the Chinese government, has said from the outset of its offer that it wanted a CFIUS review.
A Unocal spokesman told Reuters the company was not involved in CNOOC's request to CFIUS for a review and that the two sides do not have an agreement that would necessarily spur CNOOC to request that review.
The US House of Representatives voted overwhelmingly Thursday night to add an amendment to a spending bill barring the Treasury Department from spending any money to recommend approval of the CNOOC bid for Unocal. Unocal shareholders are set to vote August 10 on the offer from Chevron.