Don’t count the Chinese out just yet.
Chevron might have regained the upper hand by getting Unocal to accept its sweetened bid against a higher offer from Cnooc, the government-backed Chinese oil company. But it might not have delivered the knockout blow it was looking for in the monthlong takeover battle.
The decision by Unocal’s board to stick with Chevron is the second time this week that a large Chinese company has been dealt a serious setback in its attempt to acquire major American assets. On Monday, a group of investors led by the Chinese appliance giant Haier pulled out of the bidding for Maytag.
These stumbles might temporarily ease the political backlash in Washington over the perceived onslaught by China as it seeks to build global corporations. But that relief could be short-lived.
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