Unocal Accepts New Chevron Bid

globeandmail.com ^ | 7/20/05 | AP

[eastforker]

Unocal's board of directors has endorsed a sweetened, $17-billion (U.S.) takeover bid from Chevron, rejecting a higher offer from one of China's state-owned oil companies.

[SDGOP]

Take that you filthy reds

[Trust but Verify]

Maybe they'll quit trading with US!

[Stag_Man]

Do you think Italy could wreck our economy? They have a larger GDP than China. Despite our trade deficit with China, they are far more dependent on us that we are on them.

[southernindymom]

Are you saying we import more from Italy than China?

[Klickitat]

BTTT

[TAquinas]

"Wonder what China's retaliatory forms would be if Unocal accepts Chevron's bid?"

The header states that Unocal has already accepted Chevron's bid.

[Stag_Man]

No. I'm simply trying to put China in context. What I'm pointing out is this: China's economy is roughly the same size as Italy's; about 10.5 times smaller than ours. Also that GDP of China gets spread over 1 billion plus people. Therefore, the more we trade with them, the better it is for us. Because as a percentage of GDP China trades far more with us than we trade with China, we have them under our thumb; not the other way around. This is why they won't open our markets completely to us. I do not think we should let them buy Unocal by any means. But, here's the thing. Someone is going to trade with China and make them richer. It should be us and not the EU. If we trade with China over Europe, it will be done on our terms if we act the right way. If China trades with the EU, you can be sure that it will be very much against our interests.

One more note, if the company Chevron put together a better bid for Unocal than 1 billion Chinese, I think we're sitting pretty.

[TAquinas]

>We really, really need to get away from the "made in China" thing.

>>You are not an economist, are you?

You need not be an economist to know that one should buy American made rather than Chinese made.

It's a no brainer, unless one is trained in the dysmal science.

[shield]

Wonder where the pressure came from to stop a China takeover....WH WH WH WH WH...

[TAquinas]

Italy, I read on Business Week about 12-13 years ago, had the fourth largest GNP in the world. I don't know where it stands now.

[Smile-n-Win]

What good is money if no one will let you spend it.

Exactly. Good for Unocal's board to do the right thing!

[Smile-n-Win]

What I'm pointing out is this: China's economy is roughly the same size as Italy's

Italy does not have a Communist government with an anti-American agenda.

[eastforker]

True, it is bad enough we send or money to china via wal-mart but giving them access to the nuts and bolts would be crazy.

[Fatalist]

Doh! Yes, I was indeed thinking of Citgo. Thanks for correcting my mistake.

[RightWhale]

China will give up its SUVs and go back to bicycles.

[Political Junkie Too]

And Condi Rice used to be on the board of Chevron.

And so was former Secretary of State George Shultz.

-PJ

[Dad yer funny]

WHHOOooaa , what a relief

[lilylangtree]

Hehehehe! You must have seen "The Last Emperor" too.

[crispy78]

Great to hear!

[steveegg]

The header states that Unocal has already accepted Chevron's bid.

'Tis a misleading headline. The story is that Unocal's board merely endorsed Chevron's new bid, much like they did with Chevron's original bid back in April before the ChiComs came a-callin'. It goes to the shareholders for either approval or disapproval on August 10 with the Unocal board's endorcement.