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| Topic: |
Business
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| Number of pages / Number of words: |
12 / 3099 |
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CNOOC sweetened the deal by promising Unocal and the U.S. that they would retain the current employees and pay an additional $500 million to break the existing deal between Unocal and Chevron. To improve CNOOC's public perception, they also offered to set up an escrow account with $2.5 billion, which would be for the Unocal shareholders if CNOOC ever chose to walk away from the deal...
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It would appear that the offers CNOOC had on the table would be hard to turn down, but in the end they were.
Chevron had its own pressing issues to deal with since they thought they already had a tentative agreement with Unocal and had received the approval of the Federal Trade Commission. Chevron's original bid was $16...
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