Revised Chevron & CNOOC Bid for Unocal
Chevron's bid of $63 per share for Unocal is 40% cash - 60% stock. CNOOC (Chinese National Offshore Oil Company) Chinas 3rd largest oil company has tabled a $67 per share bid - 100% cash.
With Thursdays +2.1% revaluation of the RMB versus the dollar, the CNOOC offer could be at $68.40 per share. Expect another bump prior to the August 10th cutoff from CNOOC to $70 per share - 100% cash.
Unocals board will be hard pressed to refuse a sweetened Chinese bid, lest they incur the wrath of shareholder class action lawsuits. A bitter poison pill which Chevron may not want to swallow.
With Thursdays +2.1% revaluation of the RMB versus the dollar, the CNOOC offer could be at $68.40 per share. Expect another bump prior to the August 10th cutoff from CNOOC to $70 per share - 100% cash.
Unocals board will be hard pressed to refuse a sweetened Chinese bid, lest they incur the wrath of shareholder class action lawsuits. A bitter poison pill which Chevron may not want to swallow.
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