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Bush warns to let review of Chinese UNOCAL bid run

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ckramer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:11 AM
Original message
Bush warns to let review of Chinese UNOCAL bid run
President Bush said on Thursday it was best to let an official U.S. review of the Chinese bid for U.S. oil company Unocal run its course without him getting involved.

"There is a process that our government uses to analyze such purchases. It's best I allow this process to move forward without comment," he said when questioned on the sidelines of a Group of Eight summit at Gleneagles, Scotland.

The Chinese state-controlled energy firm CNOOC Ltd has offered $18.5 billion bid for Unocal Corp., higher than a rival offer from U.S. firm Chevron Corp .

Despite the higher price of CNOOC's bid, it has encountered significant opposition from some U.S. lawmakers who want the Bush administration to review the bid to determine whether the Chinese government-backed offer poses any threat to U.S. national security.

link
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JHB Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:18 AM
Response to Original message
1. "Oil companies pay me to make sure nothing gets in their way...
...not to worry about "national security" -- What * really means.
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Enraged_Ape Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:23 AM
Response to Original message
2. What would the repugs have said 20 years ago if Red China...
wanted to buy one of our oil companies? Huh?

Oh, I'm sorry, being "RED" is considered a GOOD THING by them now.
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NewJeffCT Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:00 PM
Response to Reply #2
6. Red is good if you're from China, bad if you're from Cuba
and don't you forget that... those Cubans in Miami give a lot of money to the Republican party to make sure that we won't get as friendly with Castro as we are with Hu Jintao... and, the Chinese supply prostitutes for the Bush family to keep them happy.
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denverbill Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:32 PM
Response to Reply #6
9. The Chinese are 'red' anymore. They are now officially fascist.
Still one party, still no tolerance of dissent, but now, capitalist.
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KansDem Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 02:04 PM
Response to Reply #9
15. "Red" is good, if it's backed up with "green." (eom)
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1932 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:37 AM
Response to Original message
3. Lots of conflicting interests here: Unocal shareholders deserve highest...
...price they can get (as do state and federal tax coffers).

However, Chevron would certainly prefer not to have to pay fair market value for Unocal, so it'd be nice for them to have the high bidder thrown out on a technicality.

Then there's the issue of US interests. But you have to wonder, if the nationality of the owner of a free market enterprise is so important, then why is this business not nationalized?

It seems that if China shouldn't be able to own Unocal, then why should any private company?

It's not like there's a law against the Chinese buying Chevron stock. They could easily get control of the company that way.
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AuntiBush Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:42 AM
Response to Reply #3
4. Sure. Let Communist China w/HUGE Army Buy US Off...
And Her Bushivitz supports this!?! And borders allowed to be wide open along Mexico/Canadian borders without any major supervision, so much so regular folks perform civic un-paid and highly dangerous positions just to try and "regulate" who is leglit entering our country.

Let's not forgeet Bushivitz & REthugs want (by Sept. 2005) closing of bases along East and southern West Coast lines and all I can say is "why?"

Where is all the "Homeland Security?" Why, it's out watching normal, decent American citizens, like you and I.

Sorry, but I don't like what's going on - and we call our selves the superpower. Super-power of what? The globe - rather then our own soils.
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1932 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 11:46 AM
Response to Reply #4
5. China is transitioning to a market economy, by the way.
I'm really confused by your post. What are you arguing?
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AuntiBush Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:14 PM
Response to Reply #5
7. I'll make it simple for you: I don't want China to own anymore of the USA
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1932 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 01:58 PM
Response to Reply #7
13. The one part of globalization that I believe in is that...
Edited on Thu Jul-07-05 01:59 PM by 1932
...in the capital markets, having many countries having similiar interests in the health of the middle class ensures that people don't drop bombs on each other.

I don't think China would be paying FMV for Unocal only in order to destroy it.

If they're making a large investment in it, they're going to want a fair return.
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AuntiBush Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:16 PM
Response to Reply #3
8. Here... my strong feelings about this:
Screw "Unocal shareholders!" How about compassion for the world for a change - how about what's best for all of America and the world as we are reportedly the super-power. We have a super-responsibility to act as such, not in the name of shareholders profits, that's the problem in a horribly sad nutshell.
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1932 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 01:59 PM
Response to Reply #8
14. Why is helping Cheveron get Unocal at less than fair market value...
...in the best interests of Americans?

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Gidney N Cloyd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 04:08 PM
Response to Reply #14
20. It's in the best interests of Condi's old chevron buddies
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msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:42 PM
Response to Original message
10. national security NO, terry schiavo YES....what priorities eh?
tell bush that unocal is comatose and on life support and china wants to pull the plug :-)

Msongs
www.msongs.com
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ckramer Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 12:43 PM
Response to Original message
11. Newsweek's Samuelson:
Let's Stay Out Of This Fight

It's an incendiary mixture: China and oil. But Washington should stay out of the battle between Chevron and CNOOC for Unocal.

Read it here

"We cannot decide whether China is a threat or an opportunity, and until we do, every discussion of our relations seems to slide into confusion and acrimony. The latest example is the noisy controversy over the bid by CNOOC (the China National Offshore Oil Corp.) to buy the American oil company Unocal. There are some real issues here, but they're lost amid all the political clamor. We're being told (to cite one congressional resolution) that CNOOC's victory might "impair the national security" by jeopardizing "critical energy production capacity." The alarms sound plausible but are actually over the top."
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navvet Donating Member (190 posts) Send PM | Profile | Ignore Thu Jul-07-05 03:46 PM
Response to Reply #11
18. I think that if it is a straight business deal it should
be let go through.

I am at a loss to see what China is doing that is so horrible by attempting to grow economical?


They are not flexing their military muscle to attain their deals, only using money.

Hell for years we had the implied threat of force to back our business dealing on a global basis.

If China buys UNOCAL fair and square I have no problem with it.

It's business.
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mom cat Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 01:00 PM
Response to Original message
12. So Chevron would win if the Chinese are excluded. Happy Condi.
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AValdoux Donating Member (738 posts) Send PM | Profile | Ignore Thu Jul-07-05 02:16 PM
Response to Original message
16. Isn't it nice that he can chose
what he wants to do something about. Terri Schiavo, yes. Tsunami relief, no. Bin Laden, tried & too hard. Iraq, why not my dad did. Social Security, just throw some numbers around & confuse people, right.

I think the only thing he set out to accomplish was Bin Laden, Iraq, wealthy tax cuts & social security. Not a very good record.


AValdoux
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IChing Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 02:30 PM
Response to Original message
17. Why not just nationalize Unocal?
If keeping Unocal out of Chinese hands is so important for national security, foreign policy and energy independence reasons, why doesn't the Congress take the next logical step and consider having the US government itself buy a controlling interest in Unocal? In other words, nationalize Unocal. That way, the country would have undisputed control over Unocal's resource base.

You won't hear many of the nation's representatives advance that argument: why, nationalization would be government interference in the free market! Yet these very same people think there is nothing wrong with the government interfering to stop what is basically a straightforward commercial transaction on exaggerated concerns about national security. It is very unlikely, given today's political climate, that the China National Offshore Oil Corporation's bid to buy the Unocal corporation will succeed. The deal is too sensitive, so some excuse will be found to disallow the purchase. But it may be blocked for all the wrong reasons. http://www.atimes.com/atimes/China/GG08Ad03.html
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ElsewheresDaughter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 03:47 PM
Response to Original message
19. 2 words asschimp....NATIONAL SECURITY!!!!
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Gidney N Cloyd Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jul-07-05 04:19 PM
Response to Original message
21. Who are we gonna sell that skunky ANWR oil to if China
has all Unocal's assets?

I've got to think Murph wouldn't like this one bit...
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