Alpine Summit

Tuesday, August 02, 2005

CNOOC Gives Up!

This is EXCELLENT news!

NEW YORK (Reuters) - China's CNOOC Ltd. (0883.HK) on Tuesday abandoned its $18.5 billion offer to acquire Unocal Corp. (NYSE:UCL - news) in the face of strident political opposition, clearing the way for the U.S. oil and gas producer to conclude a deal with larger U.S. rival Chevron Corp. (NYSE:CVX - news).

I'm glad that China gave up their quest to own Unocal. Having that foreign power in control of a national security interest that we're already low on would have been bad. I'm glad to see we're "keeping it in the family."