Word: fu
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...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...
...behind it. Besides Goldman Sachs and JPMorgan, the company had hired Akin Gump Strauss Hauer & Feld, one of Washington's pre-eminent lobbying firms, as well as the same media consulting company that has worked for George W. Bush's two presidential campaigns. Finally, with his board's backing, Fu on June 22 announced its $18.5 billion all-cash bid for Unocal. "It's the superior offer and I believe we'll prevail," he told TIME in early July. His advisers insist that's not bravado. "He really thinks we're going to win this thing," says...
...right. Chevron has not yet countered, so CNOOC's remains the richer bid as Unocal shareholders prepare to vote on Aug. 10. But despite all the high-priced bankers and lobbyists, Fu did not appear to be prepared for what Schurtenberger had discussed at the board meeting in late March: the political firestorm the bid would provoke in the U.S. Fu, CNOOC sources say, was stunned by the June 30 Congressional resolution objecting to the merger. So was the Chinese government. One of Fu's advisers says Beijing, already sparring with Washington over the value of China's currency...
...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...