Word: cnooc
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...private-equity firm to bid for Maytag, the struggling appliance maker based in Iowa. And 19 years after getting his M.A. in petroleum engineering from U.S.C., Fu wants to own Unocal, once the parent of those Union 76 gas stations. The company he heads, China National Offshore Oil Corp. (CNOOC), topped a $16.5 billion bid from Chevron for the ninth largest U.S. oil company...
...China, with its surging trade surplus and huge holdings of dollar reserves, CNOOC's action is called the "go out" strategy: for the past two years, the Beijing government has been urging Chinese firms to expand their presence in overseas markets. Some have begun to respond. Late last year computer giant Lenovo bought the high-profile but money-losing personal-computer business from IBM for $1.75 billion. Prior to that, TCL, a consumer-electronics maker, bought the RCA TV business from French giant Thomson. And all the while, Chinese energy companies have been making deals with governments and private companies...
...giants, announced in early April that it was buying Unocal, a smaller rival, for about $17 billion, it seemed like business as usual in the oil patch: the big getting bigger by swallowing the not quite so big. Across the Pacific, though, management at Chinese National Offshore Oil Corp. (CNOOC), one of China's largest oil firms, was still pursuing what it calls "Operation Treasure Ship." Unocal, some at CNOOC think, fits perfectly into China's fervent effort to secure new oil and gas supplies to fuel its surging economy. Within the next month, CNOOC may make a counteroffer...
...market. Western oil majors are concerned that "they won't be able to compete," according to Gary Ross, CEO of Petroleum Industry Research Associates, because the Chinese companies, most still state owned, are "willing to accept a lower rate of return." Those concerns may be overwrought. To acquire Unocal, CNOOC (whose market capitalization is about $22 billion) would have to offer more than $17 billion, plus pay the $500 million breakup fee Chevron booby-trapped to its Unocal bid. "It's all about money," says a banker close to CNOOC. "Nothing else...
...International expansion may make sense for some of China's largest companies and as a matter of national policy. The country's rapidly growing demand for oil means oil companies, including CNOOC, must increase their sources of supply. Unocal is the ninth largest U.S. oil company in terms of its oil reserves. But economists fear that, due to government pressure and national pride, managers will go for deals with inadequate regard for long-term corporate health. To keep growing, Lenovo needed to reach markets beyond the highly competitive domestic electronics sector, and buying IBM's PC unit gives the company...