CNOOC handled it very badly, with poor strategy and poor decision-making. They had the deal almost in their back pocket but they threw it away, insisting Unocal pay Chevron the breakup fee. Either they got bad advice or they didn't take good advice.
Quotes about cnooc (4 Quotes)
CNOOC will become more active in exploring offshore China and overseas in 2006.
The lobbying on CNOOC was particularly intense on both sides, ... It was really symbolic of the problems that we are having defining what our relationship with China will be in the future.
We can see from the later market performances that CNOOC has chosen a very good opportunity to withdraw,