[NetBehaviour] House votes to block China-Unocal Deal

[marc]

*House votes to block China-Unocal Deal*

Fri Jul 1,12:32 AM ET

WASHINGTON (Reuters) - The U.S. House of Representatives on Thursday 
overwhelmingly voted to block the Bush administration from approving a 
Chinese company's attempt to acquire U.S. oil and gas producer Unocal 
Corp. (NYSE:UCL - news)

The House approved the measure 333-92 and attached it to a spending bill 
for the departments of Treasury, Transportation and other agencies for 
the fiscal year that starts on Oct. 1.

The House also voted 398-15 for a nonbinding resolution calling on the 
Bush administration to immediately conduct a review of the possible 
takeover. The resolution also states that a CNOOC takeover of Unocal 
could threaten U.S. national security.

China's CNOOC Ltd. (0883.HK) recently offered $18.5 billion in cash to 
acquire California-based Unocal. That bid topped a $16 billion-plus cash 
and stock offer that Unocal had already accepted from Chevron Corp. 
(NYSE:CVX - news).

Unocal has said it is discussing the offer with CNOOC and planned to 
update shareholders before an Aug. 10 vote on the Chevron deal.

"This is not the time to now sell our ninth largest oil refinery to a 
Chinese company," said Rep. Carolyn Kilpatrick (news, bio, voting 
record), a Michigan Democrat who pushed the amendment through the House.

more...
http://news.yahoo.com/s/nm/20050701/pl_nm/energy_unocal_congress_dc

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