FTC quizzes Chevron-Unocal on $16bn deal

[shawn703]

The US Federal Trade Commission has asked Chevron and Unocal for more information on their proposed $16bn merger, leaving China National Offshore Oil Company to hope it may have extra time to file a rival bid.

Plans by senior management of China's third largest oil company to revive a planned bid for Houston-based Unocal have been delayed by opposition from CNOOC's non-executive directors, who are waiting for independent advice on the proposal.

Chevron said in a regulatory filing it was working with the US antitrust watchdog, which made the request for more data last week, "with the intent of bringing the FTC review to a prompt conclusion".

CNOOC's senior management are interested in Unocal's Asian assets, particularly those in Thailand, Bangladesh and Indonesia.


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