China National Offshore Oil Corp, seeking to take over its US rival Unocal, will learn next week whether it can proceed with its US$16bn counter bid, the Financial Times reported, citing sources close to the situation. Independent advisors are expected to deliver their assessment next week of the most ambitious takeover attempt by a Chinese state company. The advisors, headed by UK investment bank Rothschild, are expected persuade CNOOC's non-executive directors to back management's plan to top an offer from ChevronTexaco for US$16bn in cash and shares. If the advisors approve "and they are expected to be neutral to positive" Beijing is expected to okay the bid, portrayed by CNOOC senior management as crucial to China's drive to secure natural resources to fuel its steaming economic growth.
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