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(From China Daily)
The China National Offshore Oil Company (CNOOC) Ltd bid for US-based Unocal is motivated purely by the benefits the deal offers to shareholders, a CNOOC spokesman said on Thursday.
The spokesman, who refused to give his name, said that, as a company listed in Hong Kong and New York, any decisions made by CNOOC Ltd are for the benefit of shareholders, and the bid for Unocal was no exception. CNOOC Ltd announced early last Thursday that it has proposed a takeover of Unocal, a major US oil company, offering US$67 cash per Unocal share, totalling US$18.5 billion. If successful, it would be the biggest-ever overseas acquisition by a Chinese …