Word: fu
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Dates: during 2000-2009
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...graduate student at the University of Southern California in the mid-1980s, the CEO of China's third largest oil company remembers seeing Union 76 signs plastered all along America's Left Coast--emblems of California's car-crazed lifestyle. For Fu Chengyu, then a poor student from northern China, culture shock doesn't even begin to describe it. Try future shock. "Back then," he says, "China seemed like it was 100 years behind the United States...
...competitors: Haier, well known among college students as the maker of small refrigerators popular in dorm rooms, is teaming with a U.S. private-equity firm to bid for Maytag, the struggling appliance maker based in Iowa. And 19 years after getting his M.A. in petroleum engineering from U.S.C., Fu wants to own Unocal, once the parent of those Union 76 gas stations. The company he heads, China National Offshore Oil Corp. (CNOOC), topped a $16.5 billion bid from Chevron for the ninth largest U.S. oil company...
...CNOOC, whose market value is only about $22 billion (compared with $119 billion for Chevron), offered about $18.5 billion, or $67 a share, for Unocal. Since it's an all-cash offer, the Chinese company would have to take on a huge chunk of debt to finance the deal. Fu insists that no one in the government pushed the company to buy Unocal, and sources close to CNOOC's board tell TIME that Fu, not some shadowy string-pulling figure in Beijing, has been the driving force behind the bid. Indeed, a banker close to the deal says that Fu...
...took nearly 14 years of talks with the Peking government. To make their guests comfortable, the circus stocked up on rice "by the major bagful," built a special train car with a Chinese-style kitchen and put in a VCR on which the visitors play almost nothing but Kung Fu movies. "We've been a big hit in every town we visited," notes Deputy Director Xu Zhiyuan. After ten cities, the tumblers are still adjusting from the intimate Chinese circus style to what Xu politely calls "a very grand presentation that is to the American audience's taste." Meanwhile, their...
...want to be recognized not just in China," she says. "I think Americans would be interested to know what a Chinese girl thinks about things." Even if the girl in question isn't wrapped in embroidered silk or delivering a kung-fu kick. --By Hannah Beech/ Beijing...