Chevron and CNOOC stalemate

For the second time this week, the Unocal board is deliberating on whether to maintain its recommendation to sell to US oil company Chevron, or to recommend to the shareholders the significantly higher but politically incendiary bid by Chinese CNOOC. A decision from the ten-person board may be released in the next few days. CNOOC could raise its bid before the August 10 shareholders vote if the Unocal board rejects CNOOC's current all cash offer of US$67 a share.