CNOOC’s Bid Withdrawal: A New Era in Sino-American Relations? – Deng Jin and Cao Haidong

From The Southern Weekend, via Press Interpreter:

If one were to admit that the withdrawal of Cnooc’s bid was not unrelated to the United States Congress’ mistrust of China, then one should also acknowledge that the recent Sino-American strategic negotiations demonstrate that America and China are establishing a new precedent of mutual trust.

News of the bid withdrawal came first from outside China.

On Tuesday of this week, at 9:00 in the evening, America’s Bloomberg financial news television program and CNBC reported the news of the day: Cnooc had withdrawn its 18.5 billion dollar offer for UNOCAL. At the same time, three New York Stock Exchange institutions had different reactions: Cnooc had already become the only real competitor against Chevron and yet Unocal’s stock price still went down.

Translated by Joseph McMullin

Go to original article, please click here.

August 13, 2005 11:19 PM
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