China company files landmark bid to purchase Unocal with federal regulators

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.