Wednesday, July 20, 2005

UPDATE: Unocal Rejects Chinese Bid

I said here earlier that I was not happy with China's bid to buy a major U.S. oil supplier. This comes at a time when China is beefing up its military arsenal and adding, among other things, to its naval power for its already largest army on Earth. From what I know, the U. S. government did nothing more publically than have a few congressional types express some concern, which resulted in some Chinese saber rattling.

In the end, the work was probably done behind the scenes. The Chinese have been an insy winsy defensive and tempermental lately. A public showdown was probably wisely avoided. Besides, no one wants to tangle a country prepared to send pig sperm into space.

Unocal has accepted instead a Chevron deal that was not as large financially. Either the Board/stockholders are patriots, or they were lead to the path of least resistence in private discussions. Either way, I am relieved.


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