After many months of negotiations CNOOC, Ltd. a Chinese government owned company, abandoned its attempt to buy Unocal. CNOOC had offered an all cash bid of $17.3billion dollars. Political advisors to the company advised that it wasnt worth the effort since some members of congress had concerns over national security and other regulatory concerns. This paves the way for Chevron to buy Unocal which was previously agreed to. Congress does have the authorty to block any sales by a US company to a foreign company or government on the grounds of national security.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment