Word: cnooc
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...Numbers 73% Percentage of Americans who oppose the bid by China's CNOOC to acquire U.S. oil company Unocal, according to a Wall Street Journal/NBC News poll...
...world oil prices creep past $60 a barrel, China has stepped up its search for proven reserves?witness state-controlled oil giant CNOOC's effort to acquire California-based Unocal over protests from U.S. politicians. On home soil, Beijing now battles its own people. More than 10,000 investors, mostly peasants, secured rights to drill for oil in Shaanxi over the past decade, only to see their holdings nationalized. The drillers characterize the government's strategy as "confiscate now, compensate later," and those who have been paid insist they have not been given enough. In May and June, police arrested...
...Washington, CNOOC responded last week by trying to kick-start the approval process, asking the Committee on Foreign Investment in the United States (CFIUS), run by the U.S. Treasury Department, to begin its analysis of the bid. The 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...
...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...
...According to TIME's sources, CNOOC's CEO may also decide to bring in a U.S. partner to help shoulder some of the risk and defuse the anti-Chinese political atmosphere. A spokesman for CNOOC denies that this option is being considered?"we're full steam ahead with our current bid"?but some analysts believe bringing in a partner would have been the wisest course from the start. If it happens, it may also be a signal that in the midst of a historic transpacific takeover bid, CNOOC's management and its board may finally be on the same page...