(China) Cnooc Withdraws $18.5B Bid for Unocal

By Daniela Deane
Washington Post Staff Writer
Tuesday, August 2, 2005; 10:18 AM

Chinese oil company Cnooc Ltd. today abandoned its rival bid for California-based oil and natural gas provider Unocal Corp., the largest attempted takeover by a Chinese company, citing the "political environment in the U.S."

The move unblocked the way for Chevron Corp.'s $17.4 billion bid for the El Segundo-based Unocal. Chevron, the second largest U.S. oil company, is now the sole bidder for Unocal.