"Doug Kanter" wrote in message
...

"Tim" wrote in message
oups.com...
Just whatch what happens when the Chinese buy out Unocal.....


If that's allowed to happen, we should reinstate the firing squad as a
method of justice. But, that would empty out the Senate completely.
Hmmm....



Bush expects review of China oil bid
W. House wants security review for proposed deal to buy Unocal; Chinese firm
vows to keep U.S. jobs.
June 27, 2005: 3:19 PM EDT

WASHINGTON (Reuters) - The Bush administration expects an appropriate
national and economic security review if China's CNOOC Ltd. is the winning
bidder for Unocal Corp., a White House spokesman said Monday, while CNOOC
vowed to keep U.S. jobs if it should acquire the oil company.

"There are procedures in place, and if a bid goes through then we would
expect the appropriate procedures to be followed," White House spokesman
Scott McClellan said.

He said the White House was following the issue closely.

Such transactions are typically reviewed by the Committee on Foreign
Investment in the United States, which determines whether a deal in which a
foreign company buying an American company poses risks to national or
economic security.

CNOOC offered $18.5 billion in cash last week to acquire the U.S.-based
Unocal (up $0.29 to $65.97, Research), a richer bid than the $16-billion
plus cash and stock offer it already has accepted from Chevron Corp. (up
$0.37 to $57.06, Research) Chevron is pushing for an August vote on its
offer.

Separately, CNOOC reiterated Monday its commitment to not only retain the
jobs of "substantially" all of Unocal Corp.'s staff, but also keep its U.S.
oil and gas production output in the United States, according to a letter
submitted members of Congress.

The CNOOC letter came in response to a letter from more than 40 U.S.
lawmakers urging the Bush administration to take a closer look at the bid.

"We had planned for and want to participate in a (government) review of the
transaction as soon as possible," CNOOC Chairman and Chief Executive Officer
Fu Chengyu said in a statement. "We believe it is vital to the success of
the possible merged company."

Executives from CNOOC are headed to the United States this week to discuss
the bid with Unocal, a person familiar with the matter told Reuters Monday.

CNOOC has said all along it welcomed a review by the Committee on Foreign
Investment in the United States, or CFIUS, a body chaired by the secretary
of the Treasury that reviews acquisitions of U.S. companies by foreign
concerns where there could be national-security implications.