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.
