China's State run oil co. bids $18B for Unical

Voronwë · Post by **Voronwë** » June 23, 2005, 1:44 pm

They are in a bidding war with Chevron over the company. China is the world's #2 oil consumer, and is starting its on Strategic Oil Reserve.

CNN.com wrote:HONG KONG (Reuters) - Chinese state-run oil firm CNOOC Ltd. said on Thursday it is confident its $18.5 billion cash offer for U.S. producer Unocal will prevail in the takeover battle with Chevron Corp.

If CNOOC (Research) succeeds, it would be the biggest-ever overseas acquisition by a Chinese firm, reflecting China's broader energy strategy of buying overseas oil and gas reserves to feed its fast-growing economy.

CNOOC Chairman Fu Chengyu said in an interview with Reuters that he expected to win the takeover battle.

Many investors worry that the deal would saddle CNOOC with a crippling debt load. A CNOOC buyout of Unocal (Research) also faces opposition from some U.S. lawmakers.

Fu said CNOOC's bid was "clearly superior" to Chevron's (Research) cash and stock offer to buy Unocal for roughly $16.4 billion -- structured as 75 percent in Chevron stock and the rest in cash.

The spectre that kind of hovers with all economic stories surrounding China these days kind of reminds me of the "vibe" that surrounded trade issues with Japan in the late 80s. The situations are probably very different, but i'm just talking about the manner in which some commentators discuss the issues.

Seebs · Post by **Seebs** » June 23, 2005, 2:46 pm

I hear there are a lot of Chinese

Post by **Sylvus** » June 23, 2005, 3:18 pm

I'm by no means an economist, nor Don Rickles, but I think you may want to re-evaluate oversaturating the market with your hilarious brand of comedy, Seebs.

Aslanna · Post by **Aslanna** » June 23, 2005, 3:35 pm

Sylvus wrote:I'm by no means an economist, nor Don Rickles, but I think you may want to re-evaluate oversaturating the market with your hilarious brand of comedy, Seebs.

Too late.

Seebs · Post by **Seebs** » June 23, 2005, 3:36 pm

That was an Eric Cartman for God's sake, you Hockey Puck.

masteen · Post by **masteen** » June 24, 2005, 3:38 pm

A proper Cartman would have been "My mom sez there are a lot of Chinamen in China."

Fash · Post by **Fash** » June 24, 2005, 7:07 pm

Oil could really bring this country to the brink... I'm not happy about the chinese having a small hand in the price of oil.

But as long as they don't start making our gas tanks smaller....

Have you heard the chinese Pink Floyd tribute band? it's called Chink Floyd.

kyoukan · Post by **kyoukan** » June 24, 2005, 11:33 pm

cool, a racist joke.

what a shining example of a human being you are.

Fash · Post by **Fash** » June 25, 2005, 12:00 am

is that what we're here for? to put forth a shining example of humanity?

Kyoukans husband is walking down the street with a case of beer under his arm. His friend Doug stops him and asks, "Hey Bob! Whacha get the case of beer for? " "I got it for my wife, eh." answers Bob. "Oh!" exclaims Doug, "Good trade."

kyoukan · Post by **kyoukan** » June 25, 2005, 1:59 am

wow you really burned me there, sport.

Nick · Post by **Nick** » June 25, 2005, 2:00 am

THAT WAS HIARILOUS!1