Well, wasn't that fun?
I thought they withdrew it a long time ago.
Good riddance.
Now we'll see what Plan B is.
I work for a stock brokerage firm and I've been keeping track of how our clients are voting.
Overwhelmingly, they are choosing Chevron's bid....in spite of the fact that CNOOC had a better offer.
I bet that cost someone a pretty penny...
Did they have a choice? LOL
Probably lost their appetite. A half-hour from now they'll be hungry for something else.
I wouldn't celebrate just yet.
Associated Press - China's CNOOC Ltd. said Tuesday it has withdrawn its $18.5 billion cash offer for Unocal Corp., stating it considered raising its bid, and "would have done so but for the political environment in the U.S."
CNOOC's withdrawal frees the way for Chevron Corp. to clinch its $17.4 billion bid for El Segundo, Calif.-based Unocal.
Late last week, reports said Hong Kong-based CNOOC was trying to decide between raising its bid for Unocal to as much as $20 billion or to drop it entirely due to objections by critics who contend the acquisition might imperil U.S. energy security.
CNOOC's parent company, the China National Offshore Oil Corp., is 70-percent owned by the Chinese government.
Chevron, the second largest U.S. oil company behind Exxon Mobil Corp., last week raised its cash-and-stock offer for Unocal to $63.01 share, from $16.7 billion, or $60.51 a share.
Unocal's board has endorsed Chevron's offer and its shareholders are set to vote on the deal Aug. 10.
Please correct me if I am wrong but didn't UNOCAL already refuse the Chicoms' offer last week?
hmmmmmm...
This time the stupid Americans outwitted them.
Does the US give foreign aid to China?
I found out today that my government (Canada) currently gives them approx. $1 Million / week,($50 Million this year), and has given them $10 Billion in the last 10 years.
This is certainly GOOD news.
I guess they just didn't have a yen to continue.
(groan)
Yeah, that was bad but it was SO easy.
As easy as selling U.S. satellite and missile targeting technology to the ChiComs.
Hello Billigula? That means YOU, ya treasonous SOB.