Unocal says gets Chevron's OK to talk to CNOOC

Reuters ^ | 6/24/05

[Tumbleweed_Connection]

U.S. oil producer Unocal said on Thursday it received a waiver from merger partner Chevron Corp. that will allow it to talk to Chinese state-run oil company CNOOC Ltd. <0883.HK>, which made an unsolicited $18.5 billion bid for Unocal on Wednesday.

...would start discussions with CNOOC promptly.

Unocal said its recommendation to shareholders in favor of the $16.4 billion offer from Chevron remains in effect.

[EagleUSA]

Oh great idea -- communist China owning our oil companies. Now that is a real sane, strategic move. My Union Oil credit card will get burned real fast.

[Yo-Yo]

All those Dollars we sent to China for cheap DVD players and Happy Meal toys are coming back to us...

[hubbubhubbub]

What are they supposed to do with all those dollars, sit on them?

[EagleUSA]

What are they supposed to do with all those dollars, sit on them?
----
Now that I did think of (tongue-in-cheek)... :-)

[Tumbleweed_Connection]

The problem is that wherever the oil assets are located, the company owns some 2 billion barrels. There are NO shareholders amongst the commies in fascist China.

[Dubyous]

Very simply:

If President Bush doesn't do all in his power to stop this takeover from happening...

We'll know who America's biggest traitor is.

[Darksheare]

So business somehow translates into treason?
Care to explain?

[Dubyous]

There's a limit to letting free markets run their course and I can comfortably say that selling America off in pieces to Red China is well past that limit.

Will our President let that happen?

[Darksheare]

So you're saying that business leaving the country due to CONGRESSIONAL tax increases is the President's fault and translates into treason on HIS part?

That is a stretch there.
Say, I smell something.

[Dubyous]

Please tell--five years into the Bush Administration/Republican dominated Congress--what tax increases are driving our business to the Communists?

This is about pure economic muscle that the Chinese have now and the question of how far are we prepared to go to protect profits and "free markets." Will we put the almighty shareholders' interests above America's long term economic health and security? Anybody who chooses to cash that check today at the expense of America tomorrow is a traitor.

[Darksheare]

Please explain to ME how business leaving due to TAX INCREASES passed by CONGRESS is TREASON on teh PRESIDENTS part?
If you cannot come up with a straight answer, that will tell me ALL I need to know about you.

[Reagan Disciple]

I read yesterday that CNOOC would have to obtain $16B in credit to make the deal work (not that Beijing wou;dn't be willing to give through a state run bank), whereas the Chevron deal is mostly cash.

This is not takeover as it is a hijack of oil assets. CNOOC is 70% owned by the PRC.

Bush will be under too much pressure from the right to let this happen. At least I hope.

[Darksheare]

I will REMIND you that business will go to where it is least expensive for them to operate.
What power does the President truly have to make it less expensive in the U.S. for business to operate, hmmm?
What can the President due that won't have people like YOU screaming that he is an over-reaching dictator?

[Dubyous]

Which tax increases SPECIFICALLY are you referring to. Bush and the Republican have been raising corporate taxes over the last 5 years? That would be news to me.

Wake up and think about what this takeover would mean.

[Darksheare]

Explain to me how business leaving is directly the Presidents fault.
Is that a simple enough question for you?
Same question, just dumbed down some.
Can you answer THAT yet?

[Ghost of Philip Marlowe]

Business = treason
under corporate socialism.

I'm a free-marketer, but Capitalism has its dark side, too. Part of its dark side is that business owners often sacrifice borders/nation for profit, just as Socialists do for control.

[Darksheare]

Well, the guy I asked is refusing to answer directly, he keeps dancing around it.

[Dubyous]

At some point Americans will have to choose between enormous profits by selling out America and just very good profits for remaining loyal to America. If the President doesn't use all his power and influence to stop this deal it will beg some very serious questions.

[Dubyous]

I am not suggesting it would be his fault. I am saying flatly that it is put up or shut up time for the President to do what ever is within his power to protect the American economy and our security. Chevron owns proprietary technology which is directly related to defense. Perhaps YOU place shareholder happiness over national security.

I don't.