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Contributed by mm | August 2, 2005 9:10 AM PST
Really, the shareholders did not benefit from the political wrangling.
From Wall Street Journal:
Chinese oil company Cnooc Ltd. pulled out of the running for Unocal Corp. this morning, ending a politically charged $18.5 billion attempt to assume control of the ninth-largest U.S. oil producer.
Cnooc's pending withdrawal clears the way for Chevron Corp. to finalize a $17.5 billion deal for Unocal it originally cut back in April, but which it had to renegotiate as Cnooc offered a higher price for the El Segundo, Calif., company.
In a press release Tuesday morning, Cnooc said it "has given active consideration to further improving the terms of its offer, and would have done so but for the political environment in the U.S." It added: "The unprecedented political opposition that followed the announcement of our proposed transaction was regrettable and unjustified."
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China Will Allow Its Investors To Head Abroad (April 13, 2006)
More specifics of the regulation change (via press release in Chinese): - Banks are allowed to pool Renminbi deposits from individuals and businesses to invest in fixed income products in foreign markets, up to certain limit. - Fund management firms are allowed to pool deposits ...
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