Unocal will consider backing the takeover bid from the China National Offshore Oil Company (CNOOC) Ltd. if the latter pledges to meet such requirements from US regulators as divestment, reported the Financial Time on its Wednesday webpage.

Unocal will consider withdrawing its backing for the takeover bid from the Chevron Corp. should the CNOOC meet the requirements, said the report, citing people close to the deal.

For the past 10 days, the CNOOC and Unocal, a major US oil company, have been negotiating on the takeover bid. Unocal has set out what it would take for the Chinese offer to be declared " superior" to Chevron's.

Unocal's shareholders are expected to vote on Chevron's takeover bid on Aug. 10. Winning backing from Unocal's board, which will make a decision next week, is crucial if the CNOOC wants to persuade Unocal's shareholders to reject Chevron's offer.

The CNOOC announced in late June that it had proposed a merger with Unocal, a major US oil company, offering 67 US dollars in cash per Unocal share, totaling 18.5 billion dollars. The offer is worth 1.5 billion dollars more than that of Chevron.

If successful, it will be the biggest-ever overseas acquisition for a Chinese company.

Source: Xinhua