Tweet
Oh, the irony...
China: U.S. Must Not Meddle With Takeover
The Associated Press
Tuesday, July 5, 2005; 3:22 AM
BEIJING -- China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd.
American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration.
The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy.
"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Chinese Foreign Ministry said in a statement released Tuesday.
China has been insisting CNOOC's offer is pure business. "CNOOC's bid to take over Unocal is a normal commercial activity between enterprises and should not fall victim to political interference," said the statement.
Developing bilateral economic and trade cooperation is in the interests of both sides, the statement said.
CNOOC is bidding against Chevron Corp. for Unocal, the ninth-largest U.S. oil and gas firm. The Chinese firm has argued that its offer will benefit the United States by paying Unocal shareholders more and causing fewer job losses.
© 2005 The Associated Press
The Associated Press
Tuesday, July 5, 2005; 3:22 AM
BEIJING -- China on Tuesday demanded that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd.
American politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration.
The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy.
"We demand that the U.S. Congress correct its mistaken ways of politicizing economic and trade issues and stop interfering in the normal commercial exchanges between enterprises of the two countries," the Chinese Foreign Ministry said in a statement released Tuesday.
China has been insisting CNOOC's offer is pure business. "CNOOC's bid to take over Unocal is a normal commercial activity between enterprises and should not fall victim to political interference," said the statement.
Developing bilateral economic and trade cooperation is in the interests of both sides, the statement said.
CNOOC is bidding against Chevron Corp. for Unocal, the ninth-largest U.S. oil and gas firm. The Chinese firm has argued that its offer will benefit the United States by paying Unocal shareholders more and causing fewer job losses.
© 2005 The Associated Press
This is rich. Communist China telling us not to interfere in private investment
Comment