Posted on 06/23/2005 1:36:56 PM PDT by ex-Texan
That's why state-owned energy outfit CNOOC is making a very rich bid for the U.S. concern. But S&P sees global demand for crude easing
The Middle Kingdom's thirst for energy reached a new stage on June 23 amid news that China's state-owned oil outfit, CNOOC (CEO ), has made an unsolicited $18.5 billion bid for Unocal (UCL ), the seventh-largest U.S. oil company. Unocal is currently in the last stages of an agreed $17 billion takeover by Chevron (CVX ).
CNOOC's bid reflects China's increasing dependence on imported oil and the country's desire to secure long-term oil supplies. Any dissolution of the Unocal takeover by Chevron will require the payment of a $500 million breakup fee, highlighting the lengths to which companies -- and governments -- will go to secure their energy needs.
(Excerpt) Read more at businessweek.com ...
Can you imagine Beijing twisting America's nuts in a vice (oil) until we all bleed to death? . . . Oh, well, nothing to see here. Time to move on. Lock your doors and windows.
What was that Karl Marx quote again? Something about a rope?
Those who cannot remember the past are condemned to repeat it.
A private corporation in the US perform a buy-out or takeover, and liberals scream that the sky is falling and demand regulation and federalization. China tries it, and all is quiet.
Hmm..
But keep those borders open...
Democrats rejoiced at this. Now we can be dependent on Chinese oil too! Liberals love dependency. Then they block us from drilling on our own. At least Bush called for nuclear power today. At least he gets it.
Going to 18.5 from 17 isn't much of a premium on a deal that is almost done. They are trying to get in cheap. I'd think that Un ocol's board would be ill-advised to go for the offer.
Lock your doors and windows.
But keep those borders open...
We need to keep our borders open to let CIA trained Mexican commandos smuggle in more cocaine and more illegal aliens. Including al Qaeda trained terrorists from Sandy Arabia. Reminds me that today I heard a voice talking loudly above me in Arabic mentioning "Iraq."
You just can't trust condo associations these days. Such a pity.
"The Japanese are going to own this whole country!" people cried back then.
One astute observer had a different perspective on it:
"No bid deal! What are the Japanese going to do with it -- pick it up and move it to Tokyo?"
It was eventually sold a few years later at a huge loss.
Er, uh, excuse me, but Japan is not a COMMUNIST country.
When we hang the capitalists they will sell us the rope we use.
Joseph Stalin
They are buying up resources in your backyard...
I predict that this kind of thing is going to become more common over time. This is exactly what happened when Japan was exporting tons of products to the U.S. and had nowhere to spend their dollars -- so they bought U.S. assets at inflated prices.
So what? Are they going to be any more successful at developing these resources than Unocal was?
This is a small hit in our economic war with China, the Chinese elite is now measuring reaction, and I bet they are happy. The whores will be on TV and in print (think WSJ) saying this is the "free market" peddling the same old spiel and again China gets good value out of them.
Thanks for educating me. For some reason I thought it was Marx.
The way our nation is headed, communism sounds pretty good. At least under communism, the nation is nationalistic.
America today has abandoned any nationalistic tactics. We give away our nation's treasury to corrupt nations. We defend the UN, even though it is an anti-American clique designed for one purpose--to drain the US Treasury.
We have open borders. There is not a gram of national sovereignty ideals within either party.
Criticize communism all you want, but our leaders are proving to us that our form of government is as anti-Constitutional and anti-"American" as they get.
Compared to what we have now, communism does not sound bad.
The ChiCom's take over the company that installs BOP's upside down! What a match!!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.