Post by n2nsites on Jul 16, 2005 13:18:58 GMT -5
Okay, so have you followed the story about the purchase of Unocal by China?
I was listening to a talk show briefly and they were really ripping the Libertarians and the Cato Institute for the free market concept, and of course were pushing for the government to intervene.
Any input from you?
The plan is for the China National Offshore Oil Corp. (CNOOC) to buy Unocal, the ninth largest oil company in the world. This week, CNOOC's top managers gather in Hong Kong for a conference with their board of directors, as well as the annual shareholders meeting. Operation Treasure Ship will be front and center, as CEO Fu Chengyu seeks the board's approval to move ahead with the bid.
If he gets the nod, it would be historic. Chinese companies have bought U.S. outfits before—late last year Lenovo acquired IBM's personal-computer business. But if CNOOC proceeds and prevails, it would be the first time a Chinese firm has beaten a top-flight American one in the race for a prized asset. For in early April, Chevron—the fifth biggest oil company in the world—announced it was buying Unocal for about $17 billion. The U.S. company beat CNOOC and Italy's oil giant Eni to the punch. Chevron is awaiting regulatory approval in the U.S. for the deal, but since the merger was announced, both Chevron's and Unocal's stock prices have sagged, creating the opening for a competing offer. CNOOC decided to think about getting back into the game. Fu, who has a master's degree in petroleum engineering from the University of Southern California, was keen on CNOOC's initial interest in Unocal and is thought to be determined to proceed. Xiao Zongwei, director of investor relations at CNOOC, declined to comment on its intentions.
If he gets the nod, it would be historic. Chinese companies have bought U.S. outfits before—late last year Lenovo acquired IBM's personal-computer business. But if CNOOC proceeds and prevails, it would be the first time a Chinese firm has beaten a top-flight American one in the race for a prized asset. For in early April, Chevron—the fifth biggest oil company in the world—announced it was buying Unocal for about $17 billion. The U.S. company beat CNOOC and Italy's oil giant Eni to the punch. Chevron is awaiting regulatory approval in the U.S. for the deal, but since the merger was announced, both Chevron's and Unocal's stock prices have sagged, creating the opening for a competing offer. CNOOC decided to think about getting back into the game. Fu, who has a master's degree in petroleum engineering from the University of Southern California, was keen on CNOOC's initial interest in Unocal and is thought to be determined to proceed. Xiao Zongwei, director of investor relations at CNOOC, declined to comment on its intentions.
I was listening to a talk show briefly and they were really ripping the Libertarians and the Cato Institute for the free market concept, and of course were pushing for the government to intervene.
Any input from you?
