久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

Investors relieved after CNOOC drops bid
By Wang Ying (China Daily)
Updated: 2005-08-04 06:04

Hong Kong shares of China National Offshore Oil Corp Limited (CNOOC) yesterday rose as much as 5.5 per cent to a record high on investor relief that the Chinese oil firm had scrapped its bid to buy the US oil and gas producer Unocal.

China National Offshore Oil Corporation's (CNOOC) oil rig in China's Bohai Sea is seen in this October 24, 2003 file photo. [newsphoto]

CNOOC shares yesterday surged as much as 30 HK cents (3.8 US cents) to HK$5.80 (74 US cents) at its peak. They closed at HK$5.55 (71 US cents), a gain of 5 HK cents (0.64 US cents), or 0.9 per cent. Hong Kong's benchmark Hang Seng index fell 0.1 per cent yesterday.

At yesterday's close, CNOOC stock had risen 32 per cent since the start of the year, lagging behind a 77 per cent gain in PetroChina, the country's biggest oil producer.

Industry analysts close to the CNOOC said the share rise was largely due to CNOOC's withdrawal from bidding rivalry with US oil producer Chevron for Unocal. The withdrawal has put an end to investor concerns that the Hong Kong-listed oil giant might overpay to outbid Chevron.

The country's third largest oil and gas producer, CNOOC Ltd dropped its US$18.5 billion all-cash bid for Unocal amid mounting political opposition from some US lawmakers on Tuesday. That left Chevron as the sole bidder for the ninth largest oil and gas producer in the United States.

"The investors are happy about CNOOC's decision, because they thought the all-cash offer might be too costly. Scrapping the bid will surely clear up the uncertainty in the Chinese oil company's finances and operations relating to the proposed acquisition," said Laurence Lau, a senior analyst with the Bank of China (BOC) Hong Kong Limited.

Lau said that in the long-term the CNOOC's decision to pull out of the race will mean the firm can focus more closely on its core business, and will boost investor confidence in the offshore oil producer.

Page:

1

2

Close

60-meter-long bridal gown Experimental satellite takes off from Jiuquan Four killed in Guangdong building collapse

Today's Top News     Top China News
Imports of crude oil expected to slow down         Talks on charter flights welcomed         Six-party talks totter into no man's land         Ordinary house buyers not hurt by revaluation         Investors relieved after CNOOC drops bid         Americans 'worried' about role in the world	Soft landing seen for China's economy       Hisense mulls over Kelon purchase       Currency revaluation will have little impact on agriculture       Rains set to pour across the country       Scientists leave to study E. African Rift Valley       Delegates continue to thrash out agreement