Free Republic

Summary of America's Current Economic Condition... the Editor 1. Wholesale sellout of core strategic assets to foreign acquirers: according to official figures, more than 8,000 American companies have been sold to foreign corporations in the last 10 years 2. Decline of vital industries through bankruptcy, foreign predatory competition, and foreign acquisition: examples include steel, publishing, clothing, machine tools, automobiles, electronics, and others 3. Inability to manufacture competitively: American manufacturers suffer a 22 percent structural cost disadvantage compared to overseas competitors through taxes, health and pension benefits, litigation, regulation, and rising energy prices 4. Overdependence on imports: $1 in $4 of...

CNOOC Ltd., China's third-biggest oil and gas group, is considering a bid of more than $13 billion for its U.S. rival Unocal Corp. in a deal that would mark the largest and most significant overseas acquisition by a Chinese company, the Financial Times reported Friday. Quoting people close to the situation, the British paper said the state-controlled group is interested in Unocal's Asian assets and has asked bankers to study a takeover of the whole company followed by a subsequent sale of the U.S. assets. Unocal's main attraction for CNOOC is its extensive operations in several Asian countries, including Indonesia,...