Word: fu
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...TIME: Are you worried that you might be overpaying for those assets at a time when oil prices are perhaps at a peak? Fu: Not at all. We think Unocal is very good value, and our offer is the superior [one] on the table...
...TIME: Why do you think your bid makes so many politicians in Washington nervous? Fu: I don't really know, but I would say: look at our company's track record. We do business with many other companies in the world, including Chevron. I personally used to work at Phillips Petroleum [an American company, now called ConocoPhillips] in China. We had 400 people working there, including 200 expats. I came back to CNOOC in 1999. We run this company as professionally as we can, always with an eye on creating value for our shareholders. That's what this deal...
...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...