Word: chevronings
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...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, and the steep price the company would have...
...session later, was one of resignation and, at least on Fu's part, some disappointment. He had pursued Unocal zealously since late last year. Just days before the meeting in Beijing, TIME has learned, his investment bankers were still pushing him to up the ante, in hope of knocking Chevron out of the game. Fu, backed by his board, demurred. The potentially historic merger?"one that everyone involved with would have told their grandkids about had it come off," says one board member?had become, as an adviser to the CEO put it, "the deal from hell." Now, at least...
...Mainland appliance maker Haier dropped its $1.28 billion offer for Maytag, and a politically controversial $18.5 billion bid by China National Offshore Oil Corp. to buy U.S. oil giant Unocal has run into stiff headwinds after Unocal's board voted to stick with an improved offer from American company Chevron. Revaluing the yuan "buys the Chinese significant political capital," says Hong Kong-based Merrill Lynch strategist Spencer White...
...only problem was, CFIUS, an interagency body that reviews mergers between foreign and American companies for potential U.S. national-security risks, gets to work only after a deal is done. It won't move until it is clear that CNOOC is going to win Unocal. Banking sources say Chevron may well wait until shortly before the Aug. 10 Unocal shareholders' meeting before announcing a sweeter bid, hoping to end matters then and there. But Unocal's own investment bankers, Morgan Stanley, appraise Unocal's stock at between $55 and $68.25 per share?not that far from the $67 that CNOOC...
...much higher might the two companies vying for Unocal go? Fu said in an interview last week that his "board is determined to win this bid," a statement some interpreted as a sign that CNOOC will counter a higher Chevron offer. Unocal last week told CNOOC executives that its board might still be open to a merger with the Chinese company if CNOOC meets certain conditions, including shedding some of Unocal's American assets to appease political opponents worried about the loss of domestic U.S. reserves. Directors Courtis and Henkes have been pushing this idea for months, banking sources...