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Unocal avoids wrangle over China buyout bid, accepts lower Chevron offer

[JURIST] Under pressure from the US government, Unocal [corporate website] late Tuesday accepted an increased $17.1 billion buyout bid [press release] from Chevron, turning down an $18.5 billion offer from the China National Offshore Oil Company Ltd. (CNOOC) [official website]. Unocal had made an earlier merger deal with Chevron when the CNOOC offer was made. US legislators had objected [JURIST report] to the China bid amidst concerns of allowing the Chinese government, which owns 70% of the CNOOC, to control such a large US-based oil company. China said the fears of hoarding were unfounded and urged Congress not to interfere [JURIST report]. AFP has more.

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