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BULLETIN: S&P Monitoring CNOOC Ltd.'s Possible Bid For Unocal Jun 05
Standard & Poors, June 2005
Abstract
HONG KONG (Standard and Poor's) June 8, 2005--Standard & Poor's Ratings Services said today that it is not taking any immediate rating action on CNOOC Ltd. (BBB+/Positive/--) following an announcement by the company that it is considering a possible takeover bid for Unocal Corp. (BBB+/Watch Pos/A-2). It added that it is monitoring the situation closely and may take action in the event of further developments. CNOOC Ltd. is examining its options but has made no formal decision as yet. If CNOOC Ltd. proceeds with a definitive offer, it could be competing with Chevron Corp. (AA/Stable/A-1+), which has already made an combined offer involving new shares and cash amounting to US$18 billion. A bid of comparable size would place stress on...
Companies mentioned in this report are: CNOOC Ltd.,Chevron Corp.,Unocal Corp.,People's Republic of China,China National Offshore Oil Corp.,CNOOC Finance Corp. Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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