Word: cnooc
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...board's revolt in March reflects the growing pains that an ambitious Chinese company is going through even as it tries to present a confident face to the world. Indeed, the issue of what CNOOC's board knew and when remains a touchy subject for Fu as the takeover fight progresses. In an interview with TIME, he declined to say exactly when he told his board of his intentions toward Unocal. But the reason for the board's initial ire is clear: according to SEC documents, as far back as December, Fu had directly discussed the possibility of acquiring Unocal...
...Obscured by the political hysteria is the fact that, according to U.S. Securities and Exchange Commission (SEC) documents seen by TIME, CNOOC, not Chevron, was actually Unocal's first choice as a merger partner. Some beltway politicians would paint CNOOC, which is 70% state-owned, as an arm of a Communist government out to strip the U.S. of vital energy supplies. TIME's reporting on the genesis of CNOOC's Unocal bid?dubbed "Operation Treasure Ship" by the Chinese company's investment bankers?reveals a far more complicated reality. CNOOC is a flagship Chinese firm determined to emerge...
...CNOOC is not the typical, lumbering, command-economy-era dinosaur that still plagues corporate China. In early 2001, it sold a 30% stake in the company to the public, and these shares trade freely on the Hong Kong and New York stock exchanges. CNOOC officials take pride in their success at running an outward-looking firm that generally operates without Beijing's direction. The company is overseen by a strong eight-person board that includes four foreigners as nonexecutive, or outside, directors...
...fact, CNOOC's top management may have underestimated just how seriously its outside directors took their role. When it became clear at the meeting in late March that the board had been left mostly in the dark about CNOOC's plans for Unocal, a few outside directors, including former Swiss ambassador to China Erwin Schurtenberger and Goldman Sachs Asia vice chairman Kenneth Courtis, rebelled, forcing Fu to pull back just as Operation Treasure Ship was about to set sail. Ever since, CNOOC has had to play catch-up against Chevron in the fight for Unocal...
...only briefly. But the first time Chevron's CEO, David O'Reilly, spoke to Williamson about a possible merger?just weeks after Fu's conversation with Unocal in December?the Chevron chief was politely rebuffed, according to SEC documents. If Unocal was going to be sold, it appears that CNOOC had already been given first dibs...