Word: williamsons
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...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 on to finance an acquisition, to a possible downturn in oil prices?were substantial. That Fu hadn't informed the board of his thinking...
...downplays the initial discourse with Williamson, saying he was simply talking with someone his company had done business with in the 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...
...Reilly, however, was not dissuaded. He wanted to expand Chevron's footprint in Asia. Unocal owns valuable production and distribution facilities and has a stake in oil and gas reserves in Thailand, Indonesia and Burma. On Feb. 7, Williamson told O'Reilly that he had been approached by others?Italy's Eni, a partly state-owned oil and gas company, had also expressed interest at this point?and that Unocal's board would evaluate any and all offers. That's what O'Reilly had wanted to hear: Unocal was now officially in play...
...Even at halftime we had the feeling that we would win this game,” senior safety Ricky Williamson added. “We were confident...
...That game was gut-check time for us,” Williamson said, “on the verge of a loss and for us surmounting the unthinkable and coming back...