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...board knew and when remains a touchy subject for Fu as the takeover fight progresses. In an interview with TIME, he declined to say exactly when he told his board of his intentions toward Unocal. But the reason for the board's initial ire is clear: according to SEC documents, as far back as December, Fu had directly discussed the possibility of acquiring Unocal with the California firm's CEO, Charles Williamson. For CNOOC, the potential magnitude of the deal (the companies are of similar size) was breathtaking, and the risks involved?from the debt CNOOC would have to take...
...Obscured by the political hysteria is the fact that, according to U.S. Securities and Exchange Commission (SEC) documents seen by TIME, CNOOC, not Chevron, was actually Unocal's first choice as a merger partner. Some beltway politicians would paint CNOOC, which is 70% state-owned, as an arm of a Communist government out to strip the U.S. of vital energy supplies. TIME's reporting on the genesis of CNOOC's Unocal bid?dubbed "Operation Treasure Ship" by the Chinese company's investment bankers?reveals a far more complicated reality. CNOOC is a flagship Chinese firm determined to emerge...
...past, and the topic of a possible merger came up only briefly. But the first time Chevron's CEO, David O'Reilly, spoke to Williamson about a possible merger?just weeks after Fu's conversation with Unocal in December?the Chevron chief was politely rebuffed, according to SEC documents. If Unocal was going to be sold, it appears that CNOOC had already been given first dibs...
...March 28, Unocal CEO Williamson again spoke to Chevron's O'Reilly, telling him that he was expecting formal bids from both CNOOC and Eni in the next few days, SEC documents reveal. He also said that if Chevron wanted to get back into the game, it should make an improved offer before Unocal's board reconvened two days later. O'Reilly, again with his board's backing, complied, coming up with an improved all-stock deal...
...about jobs being moved offshore. Don't Chinese imports spell the end of profitable manufacturing jobs in the U.S.? Protecting the U.S. economy will require extreme measures. Tariffs seem to be the next logical step. Another possibility is launching a propaganda campaign. If every television show had a 30-sec. piece featuring empty U.S. factories, Chinese goods just might stop flying off the shelves...