Pension Funds Urged to Oppose CNOOC Bid

The California Public Employees’ Retirement System and the California State Teachers’ Retirement System, the largest and third-largest U.S. pension funds, should oppose CNOOC Ltd.’s bid for Unocal Corp., state Controller Steve Westly said.

Westly, who sits on the boards of both funds, sent letters to other members urging them to vote against an acquisition of the El Segundo-based oil company by China’s CNOOC. Westly said a union of the two posed a threat to U.S. security and might be blocked by regulators.