A Collaboration with the University of Pittsburgh

China company files landmark bid to purchase Unocal with federal regulators

[JURIST] The China National Offshore Oil Company Ltd. (CNOOC) [official website] submitted the details of its $18.5 billion bid to purchase Unocal [corporate website] to the Committee on Foreign Investment in the United States [official website] Friday. The purchase would mark the largest acquisition of a US corporation by a Chinese company. US leaders have voiced concern over the potential national security implications of the acquisition, with the US House recommending that President Bush review the bid [Chicago Tribune report]. The People's Republic of China maintains a 70% ownership stake in CNOOC. Xinhua has more.

About Paper Chase

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible format.

© Copyright JURIST Legal News and Research Services, Inc., 2013.