Word: fu
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...Fu Chengyu, chief executive officer of CNOOC, is the driving force behind its controversial takeover bid for U.S. oil giant Unocal. A fluent English speaker with a degree in petroleum engineering from the University of Southern California (he's currently a few courses shy of an M.B.A.), Fu met with TIME recently in Beijing to explain why a merger should make sense to Unocal, Washington and his own shareholders...
...TIME: Why is buying Unocal a good deal for CNOOC? Fu: We are a value-driven company. We look at Unocal's assets?both the reserves it has already discovered as well as undeveloped [oil and gas] properties it owns?as a very good strategic fit for us. We are in the oil and gas business in Asia and so is Unocal...
...bringing liquefied natural gas back to China and shipping it into booming markets on the coast and inland. After all, most of the gas Unocal owns in Asia is already under contract in countries like Thailand and Bangladesh, so it can't be exported back for use in China. Fu: This is in no way a diversion. There is potential for gas in the undeveloped properties Unocal has in Indonesia, for example. Second, the other gas businesses there are good assets and we would continue to run them as a responsible international oil and gas company...
...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...