Unocal almost accepted CNOOC bid

The battle for Unocal isn't over and the board of the US oil company almost accepted an US$18.5bn offer from China's state-controlled rival, the China National Offshore Oil Co (CNOOC), the Financial Times reported, citing company and industry sources. The board decided to accept an increased offer from Chevron. The board mapped out what CNOOC would have to do to win the bidding war and CNOOC might consider a hostile takeover as a last resort, the report said. The US Congress, meanwhile, was considering whether to delay mandated US government review of the CNOOC offer for six months the postponement would be a setback for CNOOC.