China Warehouse- More Than Crockery Message Board

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Strategies & Market Trends : China Warehouse- More Than Crockery

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To: RealMuLan who wrote (5105)	7/4/2005 2:37:16 PM
From: RealMuLan	Read Replies (1) of 6370

China tells US Congress to butt out of CNOOC's takeover bid for Unocal 07.04.2005, 07:03 AM BEIJING (AFX) - China has angrily responded to a resolution by the US Congress urging Washington to block an 18.5 bln usd bid by China National Offshore Oil Corporation (CNOOC) to take over US oil group Unocal. 'We demand that the US Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries,' China's foreign ministry said in a statement. 'CNOOC's bid to take over the US Unocal company is a normal commercial activity between enterprises and should not fall victim to political interference. 'The development of economic and trade cooperation between China and the United States conforms to the interests of both sides.' Last Thursday, the House of Representatives voted 398-15 for the non-binding resolution that calls on the US government to block the Unocal bid. A takeover by a Chinese state-run firm 'would threaten to impair the national security of the United States,' the resolution said. 'The Chinese government's control of CNOOC made the bid possible, not the free market,' said House Democratic leader Nancy Pelosi ahead of the vote. 'We cannot, in my opinion, afford to have a major US energy supplier controlled by the communist Chinese,' said Representative William Jefferson of Louisiana. On Saturday, CNOOC, China's third largest oil and gas producer, asked the US government to review the acquisition plan in an effort to clear up doubts about the deal. 'It's a voluntary notice from CNOOC Ltd. We hope the review will enter formal proceedings as soon as possible as we are sure that the transaction is purely commercial,' CNOOC spokesperson Yang Hua told the China Daily. forbes.com

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