WASHINGTON (AP) - The Chinese state-owned oil company CNOOC Ltd. almost snatched Unocal Corp. out of Chevron Corp.'s hands last week, but failed because it didn't raise its already-pricier bid enough to offset considerable regulatory and financial risks, Unocal said.
Instead, Chevron prevailed by increasing its offer and thwarting Unocal's "substantially completed'' draft merger agreement with CNOOC, according to a filing El Segundo, California-based Unocal made Monday with the Securities and Exchange Commission.