Word: fu
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Dates: during 2000-2009
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...August 4, the entire board of China National Offshore Oil Corp. (CNOOC), the Chinese oil company that had tried to make history by buying Unocal, the eighth-largest oil company in the U.S., gathered at its Beijing headquarters for a postmortem. Thirty-six hours earlier, the company's CEO, Fu Chengyu, had made it official: after fencing with Chevron, the U.S.-based "super major'' oil company, for the right to buy Unocal and its extensive oil and gas assets in Asia, CNOOC was giving up the fight. The Chinese firm had been spooked both by political opposition...
...mood in the room, according to someone briefed about the session later, was one of resignation and, at least on Fu's part, some disappointment. He had pursued Unocal zealously since late last year. Just days before the meeting in Beijing, TIME has learned, his investment bankers were still pushing him to up the ante, in hope of knocking Chevron out of the game. Fu, backed by his board, demurred. The potentially historic merger?"one that everyone involved with would have told their grandkids about had it come off," says one board member?had become, as an adviser...
...vegetated; even the Forbidden City is renovating for the 2008 Olympics. China is rallying to present its best face to the world, determined to flesh out its economic power in terms that even Westerners can understand. And this new China is exactly what the typical visitor ambling into Wang Fu Jing shops or sloshing through neon-bright night bars will...
...sometimes even cry when the mermaids come out. This is a pretty incredible feat, given how hard it is to be a self-important epic these days. We forgive Keanu Reeves when he babbles on about spoon-bending, fate, and being The One. Minus advanced digital kung-fu technology, however, the going is tough—at least in most blue states, and certainly among a generation reared on Mary-Kate-and-Ashley eye rolls and “SpongeBob SquarePants” absurdity. But even the hip 20-something in ironically oversized sunglasses I saw crossing...
...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...