Word: fu
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Dates: during 2000-2009
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...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...
...TIME: If the Bush Administration asks you to divest some of Unocal's U.S. assets before allowing this deal to proceed, would you agree? Fu: We will address any concerns that [Washington] has. If it's necessary to divest some assets, we would do that, but we are not at that stage yet. We will do everything to explain who we are and why we want to acquire Unocal. We're a transparent company, and this is a good deal for Unocal's shareholders and its employees. That's where I think the focus should...
...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...
...Chinese company's investment bankers?reveals a far more complicated reality. CNOOC is a flagship Chinese firm determined to emerge as a major player in the global oil business, rewarding its shareholders in the process. The Unocal bid was its coming-out party, but at times, for Fu Chengyu & Co., it's been anything but fun. It has, so far, shown top management to be not completely fluent in Western-style corporate governance, or aware of the political backlash its acquisition attempt might spur across the Pacific...
...role. When it became clear at the meeting in late March that the board had been left mostly in the dark about CNOOC's 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...