Posted on 07/15/2005 4:00:25 PM PDT by Dane
Unocal board won't back CNOOC bid
Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China.
Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer.
San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government delays. Federal regulators have already approved the Chevron offer.
The battle over Unocal has become entangled in geopolitics and an expanding appetite for crude oil among countries with fast-growing economies such as the United States, China and India
(Excerpt) Read more at mercurynews.com ...
Bottom line: These big-business whores are holding out for more money from the tyrants of Beijing. Pigs, traitors, scum.
How else are you going to get all thoughs Wally World dollars back?
How else are you going to get all thoughs Wally World dollars back?
You gotta figure China threatening to nuke us didn't help their takeover bid much.
Quality versus quanity. Tell you what, I'll take a cheap, quick and clean M&A any day over a long, dirty one, that may fail in the end.
I voted for Chevron a couple days ago on this thing.
As a refinery worker (contract) I'm leaning toward Cheveron also. Formosa Chemical is bad enough to work for, the reds would be MUCH worse!
"China threatening to nuke us didn't help their takeover bid."
I dunno. I think some of these corporate pigs could care less. We shall see.
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