CHINA announces $18.5 billion bid for Unocal OIL

[Bluebear]

BEIJING (AFP) - State-run energy firm China National Offshore Oil Corporation (CNOOC) announced a bid to buy US oil major Unocal for 18.5 billion dollars cash, trumping a rival offer by Chevron Corp.

CNOOC said it was proposing a friendly merger, offering 67 dollars a share for the California-based company in a deal that underlines China's drive to secure energy resources overseas to sustain its rapid economic growth.

It tops the cash-and-shares offer Chevron hammered out with Unocal by 1.5 billion dollars using Unocal's June 21 closing share price of 64.85 dollars.

http://news.yahoo.com/news?tmpl=story&u=/afp/20050623/bs_afp/chinausoilcompanymergerchevroncnoocunocal_050623113820

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P.S. During the embargo on China, Prescott Bush's company was the only US firm allowed to do business there.

Poppy was ambassador to China.


President George Bush, Siva Yam, President of Us-China Chamber of Commerce and Prescott Bush, Chairman

April 20, 2004:
Carlyle Group Establishes Mainland China Presence; New Shanghai Office Will Foster Buyout, Venture, and Real Estate Activity in China through Carlyle’s $1 Billion in Asian Investment Assets

Shanghai, China – Global private equity firm The Carlyle Group today opened an office in Shanghai, its first full-time presence in mainland China. Since 1999 Carlyle has conducted buyout, venture capital, and real estate investments in the pan-Asia region from offices in Hong Kong, Seoul, Singapore, and Bangalore. Carlyle’s three Asian funds have more than $1 billion in assets to invest in the pan-Asian region.

DO THE MATH

[Oversea Visitor]

1. They cashing out

they jumping ship

[H2O Man]

2. Interesting.

Thank you for posting this. I think it is part of an on-going shift that most citizens are not even aware of.

[Bluebear]

3. And it's a CASH offer! And we bicker over some idiot burning a flag...

[brokensymmetry]

5. Cash talks.

And don't have cash. Just a mountain of debt.

Thanks, Chimpy! You're going to be a really memorable office holder.

[H2O Man]

6. It's funny

that you brought this topic up. Two nights ago, the head of the democratic party in this town stopped over, and we discussed everything from local politics up to international issues. And the increasing financial influence that China has, not only in the world, but specifically inside the United States, was one of the things we thought needed more attention. Moore's movie "F 9/11" brought the issue of Saudi influence to the public's attention, thankfully, but China remains a reality we tend to ignore.

[brokensymmetry]

4. Interesting.

They, like spiders, drain their prey - and then cast the dry husk aside.

[DoYouEverWonder]

7. Wow just what the US needs

for China to have us by the balls.

We better get serious about alternative energy, really quick.

[ClintonTyree]

8. Isn't this a "National Security" issue?

China buys Unocal. China demands payment for all of the T-bonds it holds in America and starves the U.S. of oil at the same time. The war is won without ever firing a shot. THANK GOD, george bush is our commander in chief. I feel SO MUCH safer now! :puke:

[Junkdrawer]

9. Does Afghanistan come with the deal?

:shrug:

[bicentennial_baby]

10. Sounds like Hamid Karzai's gonna be working for China

Hehe, talk about divided loyalties!

[AmandaRuth]

11. Like some wise fellow posted last night

Thank you Walmart Shoppers -

[Bluebear]

12. Zing!