Chinese Oil Giant in Takeover Bid for US Corporation

The first takeover battle by a Chinese company for an American corporation began on Thursday, triggered by a bid that the China National Offshore Oil Corporation (CNOOC) entered against Chevron's recent offer to Unocal. Within a growing and modernizing economy, China's largest corporations are striving to emulate their ruthless Wall Street counterparts. The New York Times reports that China is "on the hunt, trying to snap up global treasures" to form their own multinational corporations. But the offer, which coincides with Lenovo's acquisition of IBM and Haier's bid for Maytag, is likely to ignite a debate in Washington about American trade policies with China. While CNOOC has promised to continue selling American-produced oil within the US, legislators are concerned about national energy security. – YaleGlobal