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in the evening, America’s Bloomberg financial news television program and CNBC reported the news of the day: Cnooc had withdrawn its 18.5 billion dollar offer for UNOCAL.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
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