A company owned by a gov't (such as CNOOC) has a large unfair cash advantage (a sugar daddy) unlike a private company.
Except in the cases of Maytag and Unocal. The Chicoms (along with most foreign governments) also have the 'advantage' of bribing their way through negotiations as they did on the bidding for port work in Panama.
None of that makes any difference on the fact that our freedom to sell stuff shouldn't to be reduced by some new law. For the past few decades Americans have been making a fortune off foreigners in general and the Chinese in particular selling them stock in one company after another. We've now got an all time high capital account surplus that easily pays off any and all trade deficits. IMHO this is one thing that doesn't need to be made better by a bigger and more powerful federal government.
Agreed. Now why is that bad for current Unocal shareholders who would get a higher price from CNOOC? Why would that be bad for America?