Word: chengyu
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Dates: during 2005-2005
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...entire board of China National Offshore Oil Corp. (CNOOC), the Chinese oil company that had tried to make history by buying Unocal, the eighth-largest oil company in the U.S., gathered at its Beijing headquarters for a postmortem. Thirty-six hours earlier, the company's CEO, Fu Chengyu, had made it official: after fencing with Chevron, the U.S.-based "super major'' oil company, for the right to buy Unocal and its extensive oil and gas assets in Asia, CNOOC was giving up the fight. The Chinese firm had been spooked both by political opposition in the U.S. Congress...
...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...
...subject of buying Unocal had never before been discussed at a board meeting?which meant that when they sat down with CNOOC's CEO Fu Chengyu and other top executives on March 29 in a conference room at the Island Shangri-La in Hong Kong, they were in for a shock. CNOOC, Fu told them, was ready to make a play for the Los Angeles-based oil company. "The ship was about to leave the port, and the [directors] hadn't even known there was a ship," says one adviser to CNOOC with knowledge of the meeting...
...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, but at times, for Fu Chengyu & Co., it's been anything but fun. It has, so far, shown top management to be not completely fluent in Western-style corporate governance, or aware of the political backlash its acquisition attempt might spur across the Pacific...
...graduate student at the University of Southern California in the mid-1980s, the CEO of China's third largest oil company remembers seeing Union 76 signs plastered all along America's Left Coast--emblems of California's car-crazed lifestyle. For Fu Chengyu, then a poor student from northern China, culture shock doesn't even begin to describe it. Try future shock. "Back then," he says, "China seemed like it was 100 years behind the United States...