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 Cnooc is ready to bid for Unocal (zt) |
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ceo/cfo
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头衔: 海归中将
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加入时间: 2004/11/05
文章: 12941
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Cnooc May Be Nearing
Decision on Unocal Bid
A Rival Offer to Chevron's
By Chinese Oil Company
Could Face U.S. Opposition
By MATT POTTINGER in Hong Kong, DENNIS K. BERMAN in New York, and RUSSELL GOLD in Dallas
Staff Reporters of THE WALL STREET JOURNAL
June 22, 2005; Page C5
Chinese oil company Cnooc Ltd. could make a decision as early as today about whether to trump Chevron Corp's $16.6 billion bid for Unocal Corp., according to people familiar with the matter. The choice is fraught with merger gamesmanship, sensitive U.S. energy-policy questions and concerns about the wherewithal of a state-run firm to stage China's largest-ever foreign mergers-and-acquisitions deal on an unsolicited basis.
With oil and gas fields stretching from Azerbaijan to Indonesia, Unocal is of clear strategic importance to Cnooc (pronounced "see-nook"). Last year, Unocal's international production accounted for 62% of the El Segundo, Calif., company's natural-gas production and 56% of its oil production.
Just how much Cnooc is willing to pay for those assets is unclear. In 4 p.m. composite New York Stock Exchange trading yesterday, Unocal shares were at $64.85, well above the $61.66 on the table from Chevron and still lower than the high-$60s or $70 neighborhood the market is signaling it expects. Cnooc has prepared a bid but still needs to hold a board meeting before it can make a final decision, according to two people familiar with the matter.
A person close to Cnooc described Unocal's Asian holdings as "incredibly strategic" and suggested that Cnooc could squeeze cost cuts in the region that Chevron couldn't.
Yet analysts are fretting about the condition of Cnooc's balance sheet after funding a purchase of a company with a market capitalization almost as high as the Chinese company's roughly $22 billion. In 4 p.m. trading yesterday, Cnooc shares listed on the NYSE were down $1.45, or 2.7%, in anticipation of an offer. Since announcing June 7 that it might challenge Chevron's deal, Cnooc's New York and Hong Kong-listed shares had fallen more than 2% before yesterday while its fellow state-owned oil peers climbed.
So what is motivating Cnooc? People who advise the company say its new and ambitious chairman and chief executive, Fu Chengyu, is driven foremost by bread-and-butter commercial objectives: a need to expand the company's energy reserves and to secure Asian gas fields that can feed the receiving terminals the company is building along China's southern coast.
Cnooc has been exploring fields off the coast of China but hasn't made enough significant discoveries to meet the company's ambition to become a major player in Asia. The only other way for Cnooc to increase its reserves would be to acquire them from another company.
"This deal is motivated more by corporate strategy than national energy security," ways Wang Zhen, a professor at China University of Petroleum.
A Cnooc bid could set off a range of scenarios, according to people close to the companies involved. Chevron, for instance, could simply do nothing, hoping that Unocal shareholders would approve its deal, fearing the length and intensity of Cnooc regulatory reviews.
A more likely scenario would be for Chevron, of San Ramon, Calif., to sweeten its terms by including a "collar" for the stock component of its offer, locking in a given price range. It may also increase the cash offered. The consensus on Wall Street yesterday was that Chevron's offer didn't need to be higher than Cnooc's to keep the support of the Unocal board and shareholders.
Should a bid materialize, it could put the U.S. government in an awkward position. A hostile bid by a majority-state-owned Chinese company for U.S. oil assets could be politically unpalatable to some members of Congress and the executive branch. The U.S. government also has been long-committed to highly liquid global energy markets. And stymying Cnooc also could threaten to hamper fervent U.S. goals of investing directly into China.
One person close to Unocal suggested that Cnooc's intentions could be less centered around buying all of Unocal, but more to reach an accommodation with Chevron to divide Unocal's assets between them.
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Cnooc is ready to bid for Unocal (zt) -- ceo/cfo - (4242 Byte) 2005-6-22 周三, 23:31 (823 reads)
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