中海油收购Repsol公司印尼资产（A）

Since China National Offshore Oil Corporation’s overseas initial public offering, Wei Liucheng, the CEO, had been ambitious to turn CNOOC into a global player. The company came upon a golden opportunity when Repsol-YPF S.A., because of a heavy debt burden and business restructuring, sought to sell its rights and interests in several oil & gas fields in Indonesia. If CNOOC could acquire these high-quality assets, it would be of great help to its overseas expansion. Just when the negotiation was one step away from closure, Repsol-YPF suddenly became hesitant about the deal. The negotiation was entangled with trivial issues and the date of signing the agreement was delayed repeatedly. Signs indicated that Repsol-YPF wanted to back out of the deal. By that time, the international political and economic environment was turning in favor of Repsol-YPF. A further delay would bring two possibilities: either CNOOC would have to raise the price of its offer, or Repsol-YPF would withdraw from the deal. Part A of the case discusses the background of the deal, the target assets and CNOOC’s strategic concerns. Part B discusses the negotiation process and the post-acquisition integration.