Word: chevrons
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...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...
...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...
...Obscured by the political hysteria is the fact that, according to U.S. Securities and Exchange Commission (SEC) documents seen by TIME, CNOOC, not 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...
...plans for Unocal, a few outside directors, including former Swiss ambassador to China Erwin Schurtenberger and Goldman Sachs Asia vice chairman Kenneth Courtis, rebelled, forcing Fu to pull back just as Operation Treasure Ship was about to set sail. Ever since, CNOOC has had to play catch-up against Chevron in the fight for Unocal...
...downplays the initial discourse with Williamson, saying he was simply talking with someone his company had done business with in the past, and the topic of a possible merger came up only briefly. But the first time Chevron's CEO, David O'Reilly, spoke to Williamson about a possible merger?just weeks after Fu's conversation with Unocal in December?the Chevron chief was politely rebuffed, according to SEC documents. If Unocal was going to be sold, it appears that CNOOC had already been given first dibs...