Posted on 07/15/2005 6:04:00 PM PDT by RoyalsFan
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.
More Unocal
A U.S. senator from North Dakota has decided to introduce legislation that would prohibit CNOOC, China's third-largest oil company, from buying Unocal. Sen. Byron Dorgan becomes the second federal lawmaker to propose a bill to block CNOOC's $18.5 billion takeover of Unocal. Bay Area Rep. Richard Pombo is separately seeking to amend the Energy Policy Act of 2005 to block the transaction.
More than half of Unocal's oil and gas reserves are in Asia.
(Excerpt) Read more at mercurynews.com ...
Not because it could impact American energy independence, of course.
Well the cash offer from China wasn't raised, and oh, China just threatened to nuke us!!!!
Looks like Chevron's the winner, unless CNOOC gets more serious.
HAHAHAHAHA!
CNOOC is a thoroughly currupt organization..as are all the Chinese Govt companies. To let them own any US company is to invite criminals into our board rooms.(More Criminals).
To think the CNOOC is merely another commercial company is idiocy. Congress needs to tell the Chinese to take a hike..and a 27% or more tariff on all Chinese goods..make that 35% for the nuc comment..would generate billions to build some navy ships to ring China..
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