August 10, 2005 |
After months of haggling and international intrigue, Unocal Corp. shareholders will finally meet today to approve a takeover by Chevron Corp. The vote will mark the end of Unocal as an independent company and a rebuffing of Chinese attempts to secure much-needed energy resources by buying an American oil company. Few doubt Chevron will win approval after rival Chinese bidder CNOOC Ltd. pulled out of the takeover battle citing intense political opposition.
July 11, 2005 |
Equity investors are looking for strong earnings and tame inflation figures this week to help the major stock indexes move up from their negative or flat status for the year so far. With Hurricane Dennis having reached Florida's Gulf Coast on Sunday, investors hope the earnings and economic data heading their way can compensate for damage from the storm.
October 29, 2005 |
The twin furies of hurricanes Katrina and Rita damped what otherwise would have been an even rosier quarter for Chevron Corp., California's largest oil company. Chevron said Friday that the storms struck particularly hard at its facilities in the Gulf of Mexico region, where the San Ramon, Calif.-based business is the largest operator of offshore wells and runs a giant refinery in Pascagoula, Miss., that is capable of processing 325,000 barrels of oil a day.
June 24, 2005
China, no longer content to merely hoard U.S. Treasury bonds with its new wealth, is embarking on a global buying spree. Chinese companies have acquired IBM's personal computer business and made bids for Maytag and, most spectacularly, Unocal, the El Segundo-based oil company. Unocal's board of directors, which had earlier agreed to sell the company to Chevron, is now reviewing an $18.5-billion offer from CNOOC Ltd., China's third-largest oil company.
July 7, 2005
President Bush conceded Wednesday that global warming is a real environmental problem and that human-caused pollution worsens it. "Listen, I recognize the surface of the Earth is warmer," Bush told reporters in Denmark, "and that an increase in greenhouse gases caused by humans is contributing to the problem."
August 20, 2005 |
Even the tchotchkes of Unocal are being sold off. The storied oil company was sold last week to Chevron Corp. in an $18-billion deal after rival bidder CNOOC Ltd. of China backed out. But in July, when it was apparent that El Segundo-based Unocal Corp. would disappear, employees started collecting memorabilia, keepsakes and artwork that had been stuffed in closets or hung on the walls of offices soon to be vacated.
July 12, 2005 |
As rival suitors line up to buy Unocal Corp., the El Segundo oil company Monday struck a deal of its own, agreeing to sell its Canadian subsidiary to a Houston-based oil producer for $1.8 billion. Pogo Producing Co. will pay cash for Northrock Resources Ltd., a Calgary-based Unocal unit with oil and natural gas reserves in the provinces of Alberta, British Columbia and Saskatchewan, the two companies said. Unocal expects to book after-tax proceeds of $1.
October 9, 2007 |
shanghai -- China Minsheng Banking Corp. said Monday that it had agreed to buy a 9.9% stake in UCBH Holdings Inc. of San Francisco in what would be the first U.S. strategic investment by a mainland Chinese bank. UCBH, the parent of United Commercial Bank, called the deal "historically significant." Analysts said the move by Beijing-based Minsheng was likely to be a harbinger.
August 31, 2007 |
The Chinese government Thursday passed legislation that prohibits some monopolies but also could throw new hurdles in front of foreign companies seeking to acquire businesses here. The final text of the long-anticipated law, the drafting of which began in 1994, was not immediately released. But recent versions have included practices common in U.S. and European antitrust regimes, such as bans on companies colluding to raise prices and abusing dominant market positions.