Word: cnooc
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...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...
...ball was in CNOOC's court, and Fu, by all accounts, was confident as his board gathered in Hong Kong. He did not see the rebellion coming, says a banker close to CNOOC. Three key outside directors?former Shell Chemicals CEO Evert Henkes, former Swiss ambassador Schurtenberger, and Courtis of Goldman Sachs?all raised pointed questions at the meeting. According to sources with knowledge of the meeting, Schurtenberger?presciently, as it turned out?questioned whether the company was prepared for what was likely to be a hostile U.S. political reaction to the deal. Henkes wondered about the debt load that...
...pounding the table," says one 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...
...directors told Fu that they would not back the bid unless they were given more time to study it. Fu agreed, and had to phone Williamson back on April 2 and climb down, telling the Unocal CEO that CNOOC would not be coming forth with an offer that day after all. "That couldn't have been an easy call to make," says a source close to Fu. "It was like calling off a wedding at the last minute, with all the guests in church...