Word: chevronings
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...Reilly, however, was not dissuaded. He wanted to expand Chevron's footprint in Asia. Unocal owns valuable production and distribution facilities and has a stake in oil and gas reserves in Thailand, Indonesia and Burma. On Feb. 7, Williamson told O'Reilly that he had been approached by others?Italy's Eni, a partly state-owned oil and gas company, had also expressed interest at this point?and that Unocal's board would evaluate any and all offers. That's what O'Reilly had wanted to hear: Unocal was now officially in play...
...weeks later, O'Reilly convened a meeting of Chevron's board, which received a detailed briefing on Unocal. On Feb. 23, the board 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...
...March 28, Unocal CEO Williamson again spoke to Chevron's O'Reilly, telling him that he was expecting formal bids from both CNOOC and Eni in the next few days, SEC documents reveal. He also said that if Chevron wanted to get back into the game, it should make an improved offer before Unocal's board reconvened two days later. O'Reilly, again with his board's backing, complied, coming up with an improved all-stock deal...
...Even worse, from CNOOC's standpoint, Unocal was now preparing to marry someone else. Williamson had told Chevron's O'Reilly that he needed to sweeten his bid further?and include some cash?in order for Unocal's board to approve it. O'Reilly did so, and with CNOOC suddenly sidelined, Chevron was in the driver's seat. Unocal's board in Los Angeles met into the wee hours on April 3. At 4:30 a.m., O'Reilly and Williamson signed a merger agreement...
...right. Chevron has not yet countered, so CNOOC's remains the richer bid as Unocal shareholders prepare to vote on Aug. 10. But despite all the high-priced bankers and lobbyists, Fu did not appear to be prepared for what Schurtenberger had discussed at the board meeting in late March: the political firestorm the bid would provoke in the U.S. Fu, CNOOC sources say, was stunned by the June 30 Congressional resolution objecting to the merger. So was the Chinese government. One of Fu's advisers says Beijing, already sparring with Washington over the value of China's currency...