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Thursday, July 21, 2005

Unocal Accepts Chevron's Raised Bid

It is a sad end for the bid that Cnooc made for Unocal a couple of weeks ago.

It was clear that the bid would run into opposition from members of Congress who say selling a U.S. oil company to a Chinese firm could threaten national security.

Now, Unocal accepted a lower offer from a more American company - Chevron. Even so their bid is still below the one from CNOOC.

I don't know if you can combine the issues, but what was it again that the US wanted from the Chinese government with regard to the devaluation of the Yuan? Or that is always asked in trade negotiations - open your markets? Or when US companies enter markets in a big wave, via acquisitions?

I have nothing against those, of course not. But I am very strongly for an equal footing in world trade. And I am not sure if this has been achieved here.

(By Asia Business Consulting)