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Well funded and organised

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  • bhvwd
    Lock and load, line of demarcation! Tonight George has to do a good sales job. Im sure Bragg will take care of the spirit. I know how clearly those troops
    Message 1 of 3 , Jun 28, 2005
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      Lock and load, line of demarcation! Tonight George has to do a good
      sales job. Im sure Bragg will take care of the spirit. I know how
      clearly those troops can make a different outcome if we would take
      the gloves off.
      I think the vice president has a good handle on the energy facts
      and believe me the Army is not afraid of insergents. I think the
      nation will put a date in an envelope for the president and George is
      takling to the right people. Bill
    • Mary Jo Malo
      I m more interested in China s proposal to buy Unocal. If it happens, it will only reinforce for me that there were bigger deals made under the table going
      Message 2 of 3 , Jun 28, 2005
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        I'm more interested in China's proposal to buy Unocal. If it happens,
        it will only reinforce for me that there were bigger deals made under
        the table going back a few decades, and all the other puzzling
        activities of the current admin. will make more sense.

        Mary
        --- In existlist@yahoogroups.com, "bhvwd" <v.valleywestdental@m...>
        wrote:
        > Lock and load, line of demarcation! Tonight George has to do a good
        > sales job. Im sure Bragg will take care of the spirit. I know how
        > clearly those troops can make a different outcome if we would take
        > the gloves off.
        > I think the vice president has a good handle on the energy facts
        > and believe me the Army is not afraid of insergents. I think the
        > nation will put a date in an envelope for the president and George
        is
        > takling to the right people. Bill
      • Hill, Marc
        BEIJING (AFP) - State-run energy firm China National Offshore Oil Corporation (CNOOC) announced a bid to buy US oil major Unocal for 18.5 billion dollars cash,
        Message 3 of 3 , Jun 28, 2005
        • 0 Attachment
          BEIJING (AFP) - State-run energy firm China National Offshore Oil
          Corporation (CNOOC) announced a bid to buy US oil major Unocal for 18.5
          billion dollars cash, trumping a rival offer by Chevron Corp.

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          CNOOC said it was proposing a friendly merger, offering 67 dollars a
          share for the California-based company in a deal that underlines China's
          drive to secure energy resources overseas to sustain its rapid economic
          growth.

          It tops the cash-and-shares offer Chevron hammered out with Unocal by
          1.5 billion dollars using Unocal's June 21 closing share price of 64.85
          dollars.

          Chevron, the number-two US oil company, received US regulatory approval
          on June 10 for its bid. Unocal said it would evaluate the CNOOC proposal
          but reiterated that its earlier recommendation to shareholders to accept
          the Chevron offer remained in place.

          "This friendly, all-cash proposal is a superior offer for Unocal
          shareholders," said CNOOC chairman and chief executive Fu Chengyu.

          "The deal is fully financed, subject to customary closing conditions,
          and priced in line with market values for comparable businesses."

          If successful, it would represent the biggest overseas acquisition in a
          spate of buying by Chinese mainland companies, dwarfing Lenovo Group's
          1.25 billion dollar takeover of IBM's global personal computer business.

          However, the bid could face Congressional opposition in the United
          States on issues ranging from China's trade surplus to US oil security.

          Two US Congressman wrote to

          President George W. Bush
          <http://search.news.yahoo.com/search/news/?p=President+George+W.+Bush>
          ahead of the offer opposing any Chinese takeover of US oil interests as
          a threat to security.

          Fu dismissed the concerns, saying the deal was a strictly commercial
          transaction.

          "This company's business will not have any negative impact on the
          security interests of the United States," he said in a conference call.

          In a statement, CNOOC said the merged group would benefit from the
          companies' complementary strengths and unlike the Chevron bid, its offer
          would involve no job losses.

          "CNOOC will seek to retain substantially all Unocal employees, including
          those in the US," it said.

          "This is in contrast to the existing Chevron proposal where Chevron has
          already announced plans to extract hundreds of millions of dollars of
          cost savings from the merger annually, including from employee layoffs."

          The US giant has more than 6,000 employees, with most of its activities
          in Asia and North America. It has no refining or marketing operations.

          CNOOC, China's third-largest oil group, plans to finance the deal with
          its own cash reserves of more than three billion dollars and bridging
          loans from Goldman Sachs, JPMorgan and the Industrial and Commercial
          Bank of China.

          It will also use a long-term, subordinated loan provided by its majority
          shareholder, China National Offshore Oil Corp.

          The announcement, widely expected by investors, fits into a larger
          Chinese strategy of securing access to energy sources overseas to ensure
          stable supplies for its enterprises and households.

          Power outages have become common in China, forcing factories to close,
          as demand for energy outstrips supplies.

          Some analysts have accused CNOOC of acting more out of national interest
          than shareholder concern but Fu denied this, saying "shareholder value
          was always the main driver."

          "Strategically this a significant deal in terms of synergy for CNOOC if
          they can get Unocal's Asia-Pacific assets," said Belle Liang, oil
          analyst at Core Pacific Yamaichi in Hong Kong.

          He Jun, senior analyst with Anbound, a government and corporate economic
          consultant group, said if successful, it would certainly help ease
          China's power supply crisis.

          "Its not a cheap deal, it will raise the companys asset and liability
          ratio (significantly) but there is something that should count
          politically, which is to ensure the countrys power supply," he said.

          About 70 percent of Unocal's current proved oil and gas reserves are in
          Asia and the Caspian region, which are strategic for CNOOC.

          In the statement, CNOOC said it expects the proposed merger to more than
          double its oil and gas production and increase its reserves by nearly 80
          percent to about four billion barrels of oil equivalent.

          The merged group would also have an improved oil and gas balance, with
          total reserves of approximately 53 percent oil and 47 percent natural
          gas, it said.


          ________________________________

          From: existlist@yahoogroups.com [mailto:existlist@yahoogroups.com] On
          Behalf Of Mary Jo Malo
          Sent: Tuesday, June 28, 2005 4:25 PM
          To: existlist@yahoogroups.com
          Subject: [existlist] Re: Well funded and organised


          I'm more interested in China's proposal to buy Unocal. If it happens,
          it will only reinforce for me that there were bigger deals made under
          the table going back a few decades, and all the other puzzling
          activities of the current admin. will make more sense.

          Mary
          --- In existlist@yahoogroups.com, "bhvwd" <v.valleywestdental@m...>
          wrote:
          > Lock and load, line of demarcation! Tonight George has to do a good
          > sales job. Im sure Bragg will take care of the spirit. I know how
          > clearly those troops can make a different outcome if we would take
          > the gloves off.
          > I think the vice president has a good handle on the energy facts
          > and believe me the Army is not afraid of insergents. I think the
          > nation will put a date in an envelope for the president and George
          is
          > takling to the right people. Bill




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