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Unocal Accepts New Chevron Bid
globeandmail.com ^ | 7/20/05 | AP

Posted on 07/20/2005 10:02:19 AM PDT by eastforker

Unocal's board of directors has endorsed a sweetened, $17-billion (U.S.) takeover bid from Chevron, rejecting a higher offer from one of China's state-owned oil companies.


TOPICS: Breaking News; Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: chevron; china; greatnews; unocal
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1 posted on 07/20/2005 10:02:21 AM PDT by eastforker
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To: eastforker

Take that China!


2 posted on 07/20/2005 10:05:04 AM PDT by Go Gordon
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To: eastforker
And Condi Rice used to be on the board of Chevron.

Let the liberal moonbat conspiracies commence. I'm just glad someone didn't let the ChiComs get ahold of Unocal.

3 posted on 07/20/2005 10:05:19 AM PDT by dirtboy (Drool overflowed my buffer...)
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To: eastforker

Wonder what China's retaliatory forms would be if Unocal accepts Chevron's bid?


4 posted on 07/20/2005 10:05:46 AM PDT by lilylangtree
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To: eastforker

Good for unocal for rejecting China's offer.


5 posted on 07/20/2005 10:05:49 AM PDT by eastforker (Under Cover FReeper going dark(too much 24))
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To: eastforker

BUH BYE China! heh heh!


6 posted on 07/20/2005 10:06:17 AM PDT by areafiftyone (Politicians Are Like Diapers, Both Need To Be Changed Often And For The Same Reason!)
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To: eastforker

I also heard that the Chinese offer for Maytag fell through.


7 posted on 07/20/2005 10:07:00 AM PDT by 1rudeboy
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To: areafiftyone

What good is money if no one will let you spend it.


8 posted on 07/20/2005 10:07:30 AM PDT by eastforker (Under Cover FReeper going dark(too much 24))
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To: eastforker

Whew! Thank goodness some national pride and sanity remains.


9 posted on 07/20/2005 10:08:11 AM PDT by numberonepal (Don't Even Think About Treading On Me)
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To: eastforker

Oh they can always give it to Pooty Poot. I heard Pooty is selling lots of stuff to the Chinese! With friends like Pooty who needs enemies.


10 posted on 07/20/2005 10:10:31 AM PDT by areafiftyone (Politicians Are Like Diapers, Both Need To Be Changed Often And For The Same Reason!)
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To: eastforker

EXCELLENT NEWS!

thanks for posting it..

I wasn't quite ready to learn Chinese. LOL


11 posted on 07/20/2005 10:11:14 AM PDT by kellynla (U.S.M.C. 1st Battalion,5th Marine Regiment, 1st Marine Div. Viet Nam 69&70 Semper Fi)
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To: numberonepal

I hear that....I was quite worried about this.


12 posted on 07/20/2005 10:12:12 AM PDT by Stellar Dendrite (Support George Allen in 08!)
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To: numberonepal

Amen.... what a relief. If I was on the UnoCal BOD I wouldn't want the higher bid if it meant selling out my country... like someone said the other day: When WE can buy property and businesses in China.... THEN and only then talk to us!


13 posted on 07/20/2005 10:12:35 AM PDT by Arizona Carolyn
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To: eastforker
I am very relieved about that....
I thought the US has now gone completely insane
if we would give China control of a major source
of US oil.
China is our friend kinda like the Saudis are
our friends and with friends like that.....
well you know the rest!
14 posted on 07/20/2005 10:14:00 AM PDT by groovychick (I have nothing to say for myself)
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To: eastforker

But isn't Chevron a French company?

(Just kidding)


15 posted on 07/20/2005 10:14:10 AM PDT by nuffsenuff
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To: 1rudeboy

Perhaps SOME US corporations are still patriotic.


16 posted on 07/20/2005 10:16:36 AM PDT by RockinRight (Democrats - Trying to make an a$$ out of America since 1933)
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To: Stellar Dendrite; Arizona Carolyn
I was quite worried about this.

Me too. I had a knot in my stomach the moment I heard the ChiComs had a superior bid and it was being entertained. IMHO, they shouldn't have been allowed at the negotiating table - period. Carolyn is correct, when we can buy property in China, then we'll discuss them doing it here.

17 posted on 07/20/2005 10:17:01 AM PDT by numberonepal (Don't Even Think About Treading On Me)
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To: eastforker
Good.

But watch, China will now try to take over Chevron.....

18 posted on 07/20/2005 10:17:28 AM PDT by b4its2late (GITMO is way too nice of a place to house low life terrorists.)
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To: nuffsenuff
Actually, I think they're a Venezuelan company. So instead of a win for the Chinese communists, it's a win for the South American communists.
19 posted on 07/20/2005 10:20:59 AM PDT by Fatalist (60 in 06)
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To: eastforker

It's a good sign, but doesn't mean the sale will go through that way. All the board is doing is recommending to the shareholders that they accept Chevron's bid. Doesn't mean they will.


20 posted on 07/20/2005 10:22:13 AM PDT by green iguana
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To: Fatalist

Chevron is HQ'd in California.


21 posted on 07/20/2005 10:22:56 AM PDT by nuffsenuff
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To: numberonepal

China worries/scares me more than the terrorists ever do. They can destroy this country in less than a week with our economy so tied to them. We really, really need to get away from the "made in China" thing.


22 posted on 07/20/2005 10:23:43 AM PDT by southernindymom
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To: groovychick

Unocal is not a major source of oil for the US. Most of it's production goes to Thailand, Korea and Japan. And still would have even if CNOOC bought it.


23 posted on 07/20/2005 10:23:59 AM PDT by green iguana
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To: green iguana

True but chevron money would come much quicker, I think they will accept it.


24 posted on 07/20/2005 10:24:19 AM PDT by eastforker (Under Cover FReeper going dark(too much 24))
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To: Fatalist

Chevron is a US company - you're thinking of Citgo.


25 posted on 07/20/2005 10:26:06 AM PDT by green iguana
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To: eastforker

Much quicker and with no political risk. I think they'll accept it too.


26 posted on 07/20/2005 10:27:13 AM PDT by green iguana
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To: Fatalist
I believe you are thinking of CITGO being owned by venezuela.
27 posted on 07/20/2005 10:27:42 AM PDT by eastforker (Under Cover FReeper going dark(too much 24))
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To: Fatalist
Actually, I think they're a Venezuelan company.

You're confusing them with the Venezuelan state oil company, Citgo.

28 posted on 07/20/2005 10:27:51 AM PDT by RedWhiteBlue
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To: eastforker

I'm happy.


29 posted on 07/20/2005 10:33:34 AM PDT by eagle11
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To: Fatalist

You're thinking of Citgo.


30 posted on 07/20/2005 10:36:01 AM PDT by Righty_McRight
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To: eastforker
Good for unocal for rejecting China's offer.

Yes. Especially since we can't count on the US govenment to intervene when national security is at stake.

Which brings to mind a point I believe needs to be discussed at length in the US congress. That being, should it even be legal for a [foreign] company that is basically a front for a [hostile] foreign government to aquire ANY US company. Period.

IMO, it should not be so. And the national legislature should be the body dealing with it. Of course, doing that would cause lots of yellow stained pants in the senate.

31 posted on 07/20/2005 10:42:00 AM PDT by ChildOfThe60s (If you can remember the 60s......you weren't really there.)
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To: eastforker

Good!


32 posted on 07/20/2005 10:43:33 AM PDT by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: eastforker

And all those people who complained about John D. Rockefeller being a "robber baron" now have to kiss Chevron's feet!


33 posted on 07/20/2005 10:44:03 AM PDT by LS (CNN is the Amtrak of news)
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To: Fatalist

You're confusing them with Citgo. Chevron is one of the few remaining bastions of "Old" California - e.g. cattle ranching, farming, mining, heavy manufacturing and the "awl bidness."


34 posted on 07/20/2005 10:45:27 AM PDT by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: green iguana

Maybe true; maybe not...when push comes to shove and there is truly a shortage. Or a war.

The Chinese govenment/military should not be given command and control of the routing of such a huge amount of oil.

We shouldn't ever have allowed panama to use China to manage the canal either. Won't ever deny the U.S. use to ti. Will just destroy the locks in the event of a war/conflict with the U.S.


35 posted on 07/20/2005 10:45:28 AM PDT by TFMcGuire
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To: southernindymom
China worries/scares me more than the terrorists ever do. They can destroy this country in less than a week with our economy so tied to them. We really, really need to get away from the "made in China" thing.

You are not an economist, are you?

36 posted on 07/20/2005 10:49:05 AM PDT by Skylab
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To: Skylab

No, work in a mortgage department, but if you look at the trade in-balance we have with them, plus the fact that they control something like 200 billion of our national debt, they could wreck us with out ever firing a shot.


37 posted on 07/20/2005 10:51:48 AM PDT by southernindymom
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To: TFMcGuire
when push comes to shove and there is truly a shortage. Or a war.

If China is going to go to the length of invading Burma or Thailand to get at the gas assets of Unocal out of necessity brought on by a war, I doubt that the minor point of who owns the assets will matter to them.

38 posted on 07/20/2005 10:55:55 AM PDT by green iguana
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To: southernindymom
they could wreck us with out ever firing a shot

No they couldn't. They could hurt our economy, but only at the cost of destroying their own.

39 posted on 07/20/2005 10:58:45 AM PDT by green iguana
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To: green iguana

I guess I am not so sure of that. While it would hurt them for a short period, they have the surplus of money that it would hurt us far worse. I read somewhere that one of their old leaders once said to be patient and bid their time and basically, they'd do us in through other means. Then there was the nut the other day that said if we went to Tawains aid, they'd nuke us.


40 posted on 07/20/2005 11:05:25 AM PDT by southernindymom
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To: eastforker

Take that you filthy reds


41 posted on 07/20/2005 11:20:20 AM PDT by SDGOP
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To: lilylangtree

Maybe they'll quit trading with US!


42 posted on 07/20/2005 11:23:34 AM PDT by Trust but Verify
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To: southernindymom
Do you think Italy could wreck our economy? They have a larger GDP than China. Despite our trade deficit with China, they are far more dependent on us that we are on them.
43 posted on 07/20/2005 11:24:51 AM PDT by Stag_Man (Hamilton is my Hero)
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To: Stag_Man

Are you saying we import more from Italy than China?


44 posted on 07/20/2005 11:26:05 AM PDT by southernindymom
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To: eastforker

BTTT


45 posted on 07/20/2005 11:35:03 AM PDT by Klickitat
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To: lilylangtree

"Wonder what China's retaliatory forms would be if Unocal accepts Chevron's bid?"

The header states that Unocal has already accepted Chevron's bid.


46 posted on 07/20/2005 11:39:21 AM PDT by TAquinas (Demographics has consequences. Tom Tancredo for President 2008/2012.)
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To: southernindymom
No. I'm simply trying to put China in context. What I'm pointing out is this: China's economy is roughly the same size as Italy's; about 10.5 times smaller than ours. Also that GDP of China gets spread over 1 billion plus people. Therefore, the more we trade with them, the better it is for us. Because as a percentage of GDP China trades far more with us than we trade with China, we have them under our thumb; not the other way around. This is why they won't open our markets completely to us. I do not think we should let them buy Unocal by any means. But, here's the thing. Someone is going to trade with China and make them richer. It should be us and not the EU. If we trade with China over Europe, it will be done on our terms if we act the right way. If China trades with the EU, you can be sure that it will be very much against our interests.

One more note, if the company Chevron put together a better bid for Unocal than 1 billion Chinese, I think we're sitting pretty.
47 posted on 07/20/2005 11:46:34 AM PDT by Stag_Man (Hamilton is my Hero)
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To: Skylab

>We really, really need to get away from the "made in China" thing.

>>You are not an economist, are you?

You need not be an economist to know that one should buy American made rather than Chinese made.

It's a no brainer, unless one is trained in the dysmal science.


48 posted on 07/20/2005 11:48:46 AM PDT by TAquinas (Demographics has consequences. Tom Tancredo for President 2008/2012.)
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To: eastforker

Wonder where the pressure came from to stop a China takeover....WH WH WH WH WH...


49 posted on 07/20/2005 11:50:30 AM PDT by shield (The Greatest Scientific Discoveries of the Century Reveal God!!!! by Dr. H. Ross, Astrophysicist)
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To: Stag_Man

Italy, I read on Business Week about 12-13 years ago, had the fourth largest GNP in the world. I don't know where it stands now.


50 posted on 07/20/2005 11:52:41 AM PDT by TAquinas (Demographics has consequences. Tom Tancredo for President 2008/2012.)
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