CNOOC Shareholders Block Acquisition Plans

Shareholders blocked a plan by CNOOC Ltd., China’s third-largest oil producer, that would have allowed its parent to compete for overseas oil and gas acquisitions.

At a meeting Sunday, 59% of independent shareholders, representing 2.87 billion votes, voted against the plan, the company said.

CNOOC drew worldwide attention, and opposition from U.S. lawmakers, with its unsolicited bid in June for Unocal Corp. Chevron Corp. of San Ramon, Calif., eventually prevailed in acquiring its smaller California rival for $18 billion.

The Chinese company said Sept. 16 that its state-owned parent, China National Offshore Oil Corp., might lead future acquisitions because the nation’s ties with other countries would reduce political risks.