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Article: EDITORIAL: China goes shopping.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- June 28, 2005
CopyrightCOPYRIGHT 2005 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jun. 28--There has been a lot of talk in the U.S. about how this nation will deal with competition from the emerging China, but nothing is likely to concentrate the debate like the news that came out last week: China wants to buy a U.S. oil company.
China National Offshore Oil Corp. (CNOOC) has offered to pay $18.5 billion for California-based Unocal, which has already agreed to be bought by Chevron for $16.6 billion. Unocal's proven oil and natural gas reserves, more than half of which are located in Asia, are enticing to both buyers.
Of course, CNOOC isn't just another spoiler in just another corporate takeover saga. It is largely controlled by the ...