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Unocal reject CNOOC after Chevron raises takeover offer

  NEW YORK, July 20 (Xinhuanet) -- New York Time reported Wednesday that Unocal Corp., considering it as too politically risky, had finally rejected CNOOC's takeover bid. 

  Unocal's board voted to accept Chevron's sweetened offer worth 17.1 billion dollars, or 63 dollars a share in cash and stock, andrejected a still higher all-cash offer from CNOOC worth 67 dollarsa barrel.

  Chevron sweetened its offer from 16.5 billion dollars to 17.1 billion dollars, and increased cash portion to 40 percent from 25 percent. While CNOOC's offer remained higher than Chevron's, Unocal's board viewed it as too politically risky because of increasing political opposition in the United States.

  Meanwhile, Haier Group Inc. also ended its takeover bid for Maytag Corp after Whirlpool Corp. suddenly stepped in with a higher offer.

  So far, among three major takeover deals made by Chinese companies, only Lenovo's takeover of IBM's personal computer business went smoothly.
 

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