China National Offshore Oil Company Ltd. (CNOOC) has withdrawn its acquisition offer for Unocal at a proper time. Since then, its market value has risen by US$7 billion.

CNOOC Ltd. Chairman and Chief Executive Officer Fu Chengyu was quoted as saying on Tuesday by the Beijing Morning Post newspaper.

The withdrawal is proper not only for the capital market, but also for shareholders of both Unocal and CNOOC, Fu said at a seminar on topic choosing of a world business summit.

"This is the first time for Fu to give comments on CNOOC's bid withdrawal," the newspaper said.   

The CNOOC announced last week that it had dropped its US$18. 5 billion Unocal bid, putting an end to its 40-day merger for the American company which triggered an unexpected political storm in the United States, and clearing the way for Chevron Corp's takeover plan.

"We can see from the later market performances that CNOOC has chosen a very good opportunity to withdraw," Fu was quoted. 

(Xinhua News Agency August 11, 2005)