Word: biddings
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...months since, CNOOC's $18.5 billion bid for Unocal?which threatens to trump a rival $16.5 billion offer by Chevron?has created a storm of opposition in Washington. To CNOOC's surprise and dismay, its bid has become a locus for all the angst some Americans feel about China's rising economy, adding further tension to already strained trade ties between the U.S. and China. The U.S. House of Representatives passed a resolution on June 30 warning that the proposed acquisition poses a threat to national security and urging the Bush Administration to block any deal...
...Chevron, was actually Unocal's first choice as a merger partner. Some beltway politicians would paint CNOOC, which is 70% state-owned, as an arm of a Communist government out to strip the U.S. of vital energy supplies. TIME's reporting on the genesis of CNOOC's Unocal bid?dubbed "Operation Treasure Ship" by the Chinese company's investment bankers?reveals a far more complicated reality. CNOOC is a flagship Chinese firm determined to emerge as a major player in the global oil business, rewarding its shareholders in the process. The Unocal bid was its coming-out party...
...gave its go-ahead to him to pursue a deal. But in early March, Unocal's board rejected Chevron's initial offer?an all-stock deal worth less than $60 per share. "They wanted some cash on the barrelhead and knew CNOOC would be coming forward with a cash bid," says a banker who advised Unocal...
...transaction?the firm is seeking to borrow about $16 billion. He asked whether a partner might be brought in to absorb some of the risk. (This was something Haier, a large Chinese appliance company, did, by turning to a U.S. private-equity firm as its partner in making a bid for Maytag last month...
...attendee?but as the questions mounted, it was clear that Fu did not have the board's backing. At least not yet. On April 1 he called Williamson, telling him he needed to do a bit more work with his board but that CNOOC would still make a formal bid in time for another Unocal board meeting the following day. He was mistaken. Schurtenberger, privately, was seething. "For him it was a trust issue," says a friend of his. "Beyond all the questions about strategy or debt, he just couldn't believe the board was being treated in this fashion...