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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (5274)	8/4/2005 1:13:05 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Failed bid poisons U.S.-China ties -paper Wed Aug 3, 2005 11:49 PM ET BEIJING (Reuters) - American opposition to a bid by a Chinese state-controlled oil heavyweight to acquire U.S. rival Unocal was unjustified and will poison the mood in booming economic ties, the official China Daily said in an editorial on Thursday. Citing "unprecedented political opposition" from the U.S. Congress, CNOOC Ltd. abandoned on Tuesday its $18.5 billion bid to acquire Unocal Corp., clearing the way for the oil producer to conclude a deal with larger U.S. rival Chevron Corp. "The high-profile takeover battle demonstrated to the world that the United States is not a free economy as it claimed to be," the editorial said. "The unjustified U.S. opposition, largely politically motivated, will certainly more or less poison the current prevailing mood as bilateral economic ties between China and the United States are enhanced," it said. "In the long run, the casualty will be on U.S. competitiveness if the market is to play second fiddle to protectionism with political patronage," the newspaper added. The Chinese Foreign Ministry declined to comment on CNOOC's failed bid. © Reuters 2005. All Rights Reserved. today.reuters.com