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US and China should break the "old economy" - Clinton By John Liu Hangzhou September 10. INTERFAX-CHINA - Former US President Bill Clinton has said that China had no choice but to develop renewable sources of energy, saying that if new alternatives were not found to traditional modes of economic growth, international conflicts over scarce resources would become increasingly likely. Clinton, attending the China Internet Summit at the West Lake, organized by the e-commerce portal Alibaba in the coastal resort city of Hangzhou, noted that in an "interdependent" world, growing nations such as China and India had to find...

State-owend China National Petroleum Corp. struck a deal with PetroKazakhstan Inc. to offer $55 a share to acquire the Canadian company as China seeks to secure new oil reserves abroad. PetroKazakhstan said Monday that the offer by CNPC values PetroKazakhstan at $4.18 billion. It comes just weeks after another Chinese company, Cnooc Ltd., abandoned its effort to acquire U.S. oil producer Unocal Corp. amid political pressure from Washington... The Chinese company beat out competition from a joint venture made up of India's ONGC Videsh... The deal brings state-owned CNPC access to PetroKazakhstan's proved and probable reserves of roughly 550 million...

The Red-scare protectionists on Capitol Hill won a victory of sorts yesterday when the Chinese-owned oil company, Cnooc Ltd., withdrew its offer to purchase Unocal for $18.4 billion. But at whose expense? We suspect the big losers are not so much the Chinese but rather Unocal shareholders, who will have to take a lower price for their shares. Cnooc's offer was about $1 billion higher than what American-owned Chevron Corp. has put on the table. Had it not been for six weeks of congressional jaw-boning against the Cnooc offer, there's a strong likelihood a bidding war with Chevron might have...

For education and discussion only. Not for commercial use. The China National Offshore Oil Company's attempted takeover of the U.S. oil company Unocal may have suffered a fatal setback last week when the Unocal board endorsed a rival offer from U.S.-owned Chevron. In addition, Chinese appliance maker Haier has dropped out of the competition to buy U.S. competitor Maytag. At the same time, U.S. officials still need to fill the policy vacuum revealed by these two offers – for many more will surely follow in their wake. The bid for Unocal in particular, seems to have finally awakened many U.S....

Buried in the fine print of Unocal's latest filing with regulators is an interesting dissection of the behind-closed-doors dealing that has played out as Chevron and China's CNOOC Ltd. bid against each other for one of this country's oldest oil companies. According to the filing, Unocal on July 16 almost secured a higher all-cash offer of $69 per share from CNOOC, a subsidiary of government-owned China National Offshore Oil Co. But the wheels fell off when the national oil company insisted Unocal lobby on CNOOC's behalf before Congress, according to Unocal's updated proxy statement filed with the Securities and Exchange...

Unocal Corp. urged on Sunday the company's board to consider a higher takeover offer from China's CNOOC Ltd. than one it backed from Chevron Corp. Peter Schoenfeld, chief executive of P. Schoenfeld Asset Management which holds over 1 million Unocal shares, said the company would be liable to stockholders for any lost premium on the deal if it refused to seek a higher offer. Schoenfeld released a copy of a July 20 letter sent to Unocal's board in which he estimated shareholder damages would be "at least several billion dollars." "We demand that the Unocal board of directors adhere to...

LOS ANGELES — Unocal's board of directors Tuesday recommended that its shareholders accept a last-minute, $17 billion takeover bid from Chevron, rejecting a competing offer from China's third-largest oil company. Chevron boosted its offer by $2 per share shortly before the Unocal board met Tuesday night, raising its bid to $63 per share or more than $17 billion. "Our increased offer has been driven by competitive circumstances, but even at this higher price it remains a compelling transaction for Chevron stockholders," Chevron Chairman and Chief Executive Officer David J. OReilly said in a statement late Tuesday. Hours later, Unocal's board...

China's third-largest oil company has run into roadblocks in both houses of Congress over its bid to buy California's Unocal Corp. Sen. Byron Dorgan, D-N.D., introduced a bill in the Senate on Friday that would bar the Chinese National Offshore Oil Co. from buying Unocal. The 70 percent government-owned CNOOC has presented an $18.5 billion unsolicited bid for the U.S. oil and gas firm. Rep. Richard Pombo, R-Tracy, said he plans to introduce an amendment to the House's Energy Policy Act of 2005 that would intensify scrutiny of Chinese policies. Pombo's 11th District encompasses the San Ramon headquarters of Chevron...

Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...

Unocal board won't back CNOOC bid Unocal Corp.'s directors refused to support a takeover of their company by CNOOC Ltd., the oil company whose parent is owned by the government of China. Sources familiar with the bid said the Unocal directors didn't back the unsolicited takeover bid because the CNOOC bid did not raise the Chinese oil company's $18.5 billion cash offer. San Ramon-based Chevron Corp. (CVX) has offered $16.3 billion in cash and stock to snap up Unocal. Chevron says its bid is superior to CNOOC's because the Chevron bid would close quickly, while CNOOC's proposal faces lengthy government...

Market impact -- THE CENTER FOR SECURITY POLICY Friday, July 15, 2005 As reported by Bloomberg News, China National Offshore Oil Corporation (CNOOC) stocks fell following Center for Security Policy President Frank Gaffney's testimony Wednesday before the House Armed Services Committee that called attention to the adverse economic and national security implications of CNOOC's $18.5 billion bid to purchase Unocal. Gaffney pointed out that the PRC's play for Unocal's energy and rare earth mineral assets is hardly a normal commercial transaction, but rather part of Beijing's long-term plan to dominate strategic energy resources, materials, minerals and technologies in order to...

NEW YORK (Reuters) - A crucial Unocal Corp. board meeting on Thursday to discuss competing bids from Chevron Corp. (NYSE:CVX - News) and a Chinese oil company ended without any public statement on the outcome, as expectations of a bidding war between the two suitors grew. Unocal -- which has so far backed Chevron's offer despite a higher bid from China's CNOOC Ltd.-- declined to provide any details on the meeting at the company's El Segundo, California, headquarters. A Unocal spokesman said it would violate securities law if he disclosed when the company plans to issue a statement. The jockeyeing...

Buying America, Chinese-style —Orville Schell Just as Bank of America’s current bid for a stake in the China Construction Bank raises no objections among US politicians, China, too must be permitted to invest abroad freely. What is fare for the US goose must be fare for the Chinese gander America’s relations with China have a disturbing tendency to oscillate between embrace and rejection, and that manic ambivalence is now on open display, as China’s relentlessly mounting economic power has finally resulted in the inevitable: Chinese firms are starting to buy up American companies. The United States received its first shock...

Toronto-- Tomorrow is D-Day for the Republic of China gaining a toehold in the American business world. Thursday is the day when the battle between Chevron corp. and CNOOC over Unocal Corp. is set to come to a head with the U.S. company’s board due to decide whether to back the Chinese group’s US$18.5-billion bid and withdraw support for Chevron’s US$16.6-billion cash-and-share offer, says the Financial Times. "The Unocal board’s decision is crucial to the outcome of CNOOC’s attempt to challenge Chevron–a move that has sparked a barrage of opposition from U.S. politicians." CNOOC’s offer will be the subject of...

BEIJING (AP) - China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd. American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration. The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy....

The last thing Chevron wanted when it made its $16.8 billion offer for Unocal back in April was to be pitted in a takeover battle against the Chinese government. After all, one of the main reasons it went after Unocal, a California-based independent oil company with vast resources in Asia, was to sell oil and gas to the fastest-growing energy market in the world, China. But on June 22, when the state-controlled China National Offshore Oil Corporation, or Cnooc, countered with a higher bid for Unocal, Chevron found itself in a delicate position. Since then, Chevron's managers have gone into...

BEIJING (AFP) - China angrily responded to a vote by US lawmakers urging the Bush administration to block the 18.5 billion-dollar bid by China National Offshore Oil Corporation (CNOOC) to take over US oil group Unocal. "We demand that the US Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," China's foreign ministry said in a statement. "CNOOC's bid to take over the US Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. "The development of...

Boston - Some analysts and money managers here would pick Chevron Corp to beat CNOOC Ltd in the emerging race to acquire Unocal Corp, though they hope US politics won't be the deciding factor. CNOOC, China's biggest offshore oil company, has formally bid $18.5bn for Unocal. That's about $1.5bn higher than the proposal by Chevron, which in April announced a pact it had hoped to seal within the next several weeks. "I think Chevron's going to win because I think there will be some economic consequence to the regulatory hurdles that CNOOC has to do," money manager Mike Holland said....

China’s top offshore oil and gas producer, CNOOC Ltd., will begin operations this year at a gas field in the East China Sea despite a territorial dispute with Japan. ..CNOOC Chairman Fu Chengyu told reporters on Tuesday he expected the Chunxiao field, located south of Japan, to begin operations in August and September... ....On Monday Japanese media reported Japan had demanded that China halt construction at the Chunxiao natural gas field. Hydrocarbon deposits were found in the early 1970s... In 2004 China’s construction of the Chunxiao natural gas production plant 5 kilometres (3 miles) from the disputed area aggravated tensions...

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,...