Word: bidding
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...Chengyu, chief executive officer of CNOOC, is the driving force behind its controversial takeover bid for U.S. oil giant Unocal. A fluent English speaker with a degree in petroleum engineering from the University of Southern California (he's currently a few courses shy of an M.B.A.), Fu met with TIME recently in Beijing to explain why a merger should make sense to Unocal, Washington and his own shareholders...
...TIME: Why do you think your bid makes so many politicians in Washington nervous? Fu: I don't really know, but I would say: look at our company's track record. We do business with many other companies in the world, including Chevron. I personally used to work at Phillips Petroleum [an American company, now called ConocoPhillips] in China. We had 400 people working there, including 200 expats. I came back to CNOOC in 1999. We run this company as professionally as we can, always with an eye on creating value for our shareholders. That's what this deal...
...TIME: Many people wonder about the Chinese government's role in this bid, given that CNOOC is 70% owned by the state. Fu: There's a lot of misunderstanding about this. The only thing we needed permission from the government for was to take such a sizable amount of money out of the country [to finance the deal]. That's all. We received that permission from the appropriate financial authorities, and that's been the extent of government involvement...
...directors of China National Offshore Oil Corp. (CNOOC) had an inkling that something was up the day they gathered in Hong Kong this spring for a regularly scheduled meeting with the firm's top management. Rumors that CNOOC, the third largest oil company in China, might make an audacious bid to buy Unocal, the ninth largest oil company in the U.S., had appeared in the financial press as early as January, although CNOOC never confirmed the stories. Board members also knew that CNOOC, in an effort to boost its ability to fuel China's booming economy, had been scouting more...
...with 40 counts of breaking the criminal code and other statutes. Charges are expected to be officially detailed in August, in the culmination of a three-year investigation. Baugur officials say part of the case focuses on stock transactions during one of the firm's attempted acquisitions - the 2002 bid for British retailer Arcadia. Johannesson and his lawyers are blasting the charges as politically motivated, and denying any wrongdoing. But the Icelander's partners on the Somerfield bid - they include private equity firm Apax, Barclays Capital and Iranian realtor Robert Tchenguiz - may be getting cold feet. Despite expressions of support...