Cnooc Chairman: Denying Intention To Bid For Repsol's YPF Unit
August 26 2009 - 6:03AM
Dow Jones News
Cnooc Ltd. (CEO) chairman Fu Chengyu said Wednesday the company
has no intention to bid for all of Repsol YPF SA's (REP) stake in
YPF, its Argentine unit.
Fu's denial was in stark contrast with two other people familiar
with the situation who told Dow Jones Newswires earlier this month
that China National Petroleum Corp. and Cnooc had proposed paying
at least US$17 billion for the Argentine assets and that the three
parties had met in London late last month and discussed the
offer.
Fu also said global protectionism is rising, and that hinders
major global mergers and acquisition from materializing.
He also said the company is still interested in a listing in
China, but the timing of the listing and other details will depend
on decisions of the Chinese regulators.
-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002;
yvonne.lee@dowjones.com