Word: cnooc
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...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 is about...
...TIME: Many people wonder about the Chinese government's role in this bid, given that CNOOC is 70% owned by the state. Fu: There's a lot of misunderstanding about this. The only thing we needed permission from the government for was to take such a sizable amount of money out of the country [to finance the deal]. That's all. We received that permission from the appropriate financial authorities, and that's been the extent of government involvement...
Members of the board of directors of China National Offshore Oil Corp. (CNOOC) had an inkling that something was up the day they gathered in Hong Kong this spring for a regularly scheduled meeting with the firm's top management. Rumors that CNOOC, the third largest oil company in China, might make an audacious bid to buy Unocal, the ninth largest oil company in the U.S., had appeared in the financial press as early as January, although CNOOC never confirmed the stories. Board members also knew that CNOOC, in an effort to boost its ability to fuel China's booming...
...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...
...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...