Wednesday, July 20, 2005

China, Keep Your Hands Away From My Oil.

I am the last person in the world to stand in the way of free trade but even I was a little nervous about China's CNOOC Ltd. to buy Unocal. Congress jumped in the fray and expressed their nervousness about the whole deal.

Then Chevron, who was also looking to buy Unocal, sweetened their bid and Unocal's Board accepted this new offer. If you think this deal is done, you don't know corporate takeovers.

"A spokesman for China's third-largest oil company vowed early Wednesday that CNOOC was not ready to drop out of the bidding war."

This may go on for sometime.

Full story here.

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