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 Cnooc Unocal Bid May Break WTO Pledges (Bloomberg) |
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hghg11
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加入时间: 2004/04/07
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作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By Loretta Ng and Wing-Gar Cheng
July 12 (Bloomberg) -- Two U.S. senators asked Commerce
Secretary Carlos Gutierrez to review whether cheap loans Cnooc
Ltd. has arranged to fund its bid for Unocal Corp. amount to a
breach by China of its World Trade Organization commitments.
The $7 billion of loans at below-market interest rates Cnooc
has secured from its state-owned parent subsidizes its $67-a-
share bid for Unocal by an estimated $10 a share, Kentucky
Republican Jim Bunning and North Dakota Democrat Kent Conrad
wrote in a July 11 letter that was sent to media, including
Bloomberg News.
``This is becoming a domestic political issue in the U.S.,''
Gerald Smith, who helps manage $4 billion in emerging markets
funds at Baillie Gifford & Co. in Edinburgh, said in a phone
interview today. ``It's politics and nothing to do with national
security.''
China's third-biggest oil producer said June 23 it offered
to buy Unocal for $18.5 billion in cash, topping Chevron Corp.'s
$16.4 billion stock-and-cash bid. Cnooc Chairman Fu Chengyu said
July 1 loans for the debt-financed offer have been obtained at
commercial rates, except those from the parent, which are funded
by oil sales. The parent borrows at commercial rates, Fu said.
Cnooc's financing arrangements appear to violate China's
commitment to WTO members that state-owned banks would lend to
state-owned companies on commercial terms, Conrad and Bunning
wrote in the letter, addressed to Gutierrez and U.S. Trade
Representative Rob Portman.
`Powerful Example'
``The proposed Cnooc transaction, which represents the
continued government involvement and control of the commercial
activities of state-owned enterprises in China, is a powerful
example of why China is not ready to be deemed a market
economy,'' the two senators said. Bunning's press secretary Mike
Reynard today confirmed the men had sent the letter.
Apart from the $7 billion from China National Offshore Oil
Corp., Cnooc plans to borrow $6 billion from state-owned
Industrial & Commercial Bank of China, the nation's biggest state-
owned Lender and $3 billion from Goldman Sachs Group Inc. and
JPMorgan Chase & Co., its advisers on the bid.
``Cnooc will abide by all necessary U.S. reviews and
regulations in pursuit of its superior cash offer for Unocal,''
Xiao Zongwei, Cnooc's Hong Kong-based director of investor
relations, said in a phone interview today.
The company's shares have gained 18 percent since Cnooc
announced its bid for Unocal, compared with the 0.1 percent
decline in Hong Kong's benchmark Hang Seng Index. The stock
gained 2.5 cents, or 0.5 percent, to HK$4.925 by the market's 4
p.m. close today.
作者：hghg11 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 Cnooc Unocal Bid May Break WTO Pledges (Bloomberg) -- hghg11 - (4188 Byte) 2005-7-13 周三, 00:19 (838 reads)
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