Chevron Gets the Nod! Unocal Rejects Chinese Take-Over

It looks like China's bid to take over Unocal has been thrawted by Chevron.

caltradereport

EL SEGUNDO - 07/21/05 - California-based oil giant Unocal has rebuffed an $18.5 billion takeover offer from China's state-owned CNOOC with the provisional approval of an "improved" $17.1-billion-dollar acquisition offer from US-based Chevron.

Unocal, the ninth-largest US oil company, and Chevron jointly announced the proposed merger, which will be submitted August 10 to a vote by Unocal shareholders.

Many in the US seemed to be paniking at the thought of China buying out US energy companies.
I guess a lot of people will breath a sigh of relief when all of this is over.

This is a good development. The thought of a major U.S. corporation being bought out by a communist dictatorship government is disconcerting to say the least, especially one in an as important sector as energy.

I'll guess that China is finding an a way to get alternative energy beside oil.

But however, that sounds like good news to me.