unocal

Two measures passed the House on Thursday, aimed at keeping Unocal out of the Chinese energy company's hands.

If a government national security review panel approves CNOOC's plan to buy Unocal, Chevron will have to up the ante.

The Chinese National Offshore Oil Company (CNOOC) and Chevron battle for the Unocal oil company. Chevron thought they had a done deal back in April when they made an offer of $61.24 a share or roughly $16.1 billion in cash and stocks. This week CNOOC made a solid offer of $18.5 billion in cool cash but if Unocal does decide to entertain CNOOC's offer, whoa boy there's gonna be a lot of hoops to jump through.

As China's Cnooc ups the price to $18.5 billion USD, Chevron will likely have to respond with a higher bid.

The Chinese National Offshore Oil Company (CNOOC) put in an unsolicited $18.5 billion bid for Unocal, challenging Chevron's April move to acquire the oil company. Neither is a done deal and this marks China's continued assertion into corporate hardball.

ChevronTexaco is acquiring Unocal in a stock and cash transaction valued at approximately $18 billion, including net debt.

Chinese oil and gas giant, CNOOC, is allegedly planning a $13 billion bid for the U.S. company, Unocal according to a Financial Times report.