Chinese Unocal?
Posted by TFG on 23rd June 2005
Eric Seigmund talks about the CNOOC bid for Unocal.
Those of us who have been directly affected by corporate takeovers immediately recognize the phrase “seek to retain substantially all…employees,” which is generally code for “most of them are history.” However, Cnooc would presumably be more likely to retain employees than Chevron, given the lack of overlap with an existing employee base, especially in non-field personnel. Chevron has remained non-committal about its layoff plans, although it has already said that it would consolidate Unocal’s headquarters into its own offices.
Me, I just plain don’t want massive American reserves in Chinese hands, enriching the Chinese. There’s only slightly less of a worry with them in an American corporation’s hands, but I’ll take that.
And, yes, I recognize my hypocrisy, being an unfettered laissez-faire capitalist for the most part. I’m willing to be convinced that this is OK for America.
Posted in Bidness | 7 Comments »
