CNOOC to hike Unocal bid

China National Offshore Oil Company (CNOOC) is expected to increase its US$18.5bn takeover bid for Unocal above its current US$67 a share in cash when the board meets Wednesday, the Financial Times said, quoting company sources. The higher bid was not disclosed. CNOOC is trying to trump Chevron's accepted bid to buy Unocal for US$60 to US$61 per share in stocks and cash. The Unocal board, which meets today, is expected to decide whether to switch its support from US major Chevron to CNOOC. The US House Armed Services Committee today was reviewing the strategic implications of Unocal's bid for the US oil company